Business
Tenax Therapeutics Announces $2.75 Million Registered Direct Offering Priced At-the-Market
MORRISVILLE, N.C.--(BUSINESS WIRE)-- Tenax Therapeutics, Inc. (Nasdaq: TENX) (“Tenax” or the “Company”), a specialty pharmaceutical company focused on
About this update from Tenax Therapeutics, Inc.
[{"type":"text","content":" MORRISVILLE, N.C.--(BUSINESS WIRE)--\nTenax Therapeutics, Inc. (Nasdaq: TENX) (“Tenax” or the “Company”), a specialty pharmaceutical company focused on identifying, developing and commercializing products that address cardiovascular and pulmonary diseases with high unmet medical need, today announced that it has entered into a definitive agreement with a single healthcare-focused institutional investor for the issuance and sale of 750,000 shares of its common stock at a purchase price of $1.1651 per share and pre-funded warrants to purchase up to 1,610,313 shares of common stock, at a purchase price of $1.1650 per pre-funded warrant (which represents the per share offering price for the common stock less the $0.0001, the exercise price of each pre-funded warrant), for gross proceeds of approximately $2.75 million, in a registered direct offering priced at-the-market under Nasdaq rules. Additionally, in a concurrent private placement, Tenax has also agreed to issue to the investor unregistered warrants to purchase up to 2,360,313 shares of common stock. The offering is expected to close on or about March 13, 2020, subject to the satisfaction of customary closing conditions.\n\n\nH.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.\n\n\nThe unregistered warrants will have an exercise price $1.04 per share and exercise period commencing immediately upon issuance date and a term of five and one-half (5.5) years.\n\n\nTenax currently intends to use the net proceeds from the offering to further its clinical trials of levosimendan, for research and development and general corporate purposes, including working capital and potential acquisitions.\n\n\nThe shares of common stock and pre-funded warrants offered in the registered direct offering (including the shares of common stock underlying the pre-funded warrants) are being offered and sold by Tenax pursuant to a “shelf” registration statement on Form S-3 (Registration No. 333-2244951), including a base prospectus, previously filed with and declared effective by the Securities and Exchange Commission (SEC) on May 23, 2018. The offering of the securities will be made only by means of a prospectus supplement that forms a part of the registration statement. A final prospectus supplement and an accompanying base prospectus relating to the registered direct off...