Business
Tenax Therapeutics Reports Second Quarter 2024 Financial Results and Provides a Corporate Update
Raised Gross Proceeds of Approximately $100 Million in a Private Placement with Leading Institutional Healthcare Investors Continuing to Enroll Patients in
About this update from Tenax Therapeutics, Inc.
[{"type":"text","content":"Raised Gross Proceeds of Approximately $100 Million in a Private Placement with Leading Institutional Healthcare Investors Continuing to Enroll Patients in Phase 3 LEVEL Study with 39 Investigative Sites Initiated In April, Hosted the KOL Event, “LEVEL Setting,” Featuring Four Experts in Heart Failure Discussing the Unmet Medical Need in PH-HFpEF and Potential of Levosimendan to Address Disease CHAPEL HILL, N.C., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Tenax Therapeutics, Inc. (“Tenax”) (Nasdaq: TENX), a Phase 3, development-stage pharmaceutical company focused on developing and commercializing products that address cardiovascular and pulmonary diseases with high unmet medical need, announced financial results for the second quarter of 2024 and provided a corporate update. “In the second quarter, Tenax has undergone a significant transformation made possible by successful execution across our strategic priorities,” said Chris Giordano, President and Chief Executive Officer of Tenax. “Several patients randomized in our Phase 3 LEVEL trial in Q1 and early Q2 have now completed 12 weeks of therapy and all have continued into the open label extension. We secured important U.S. intellectual property, and attained the global development and commercial rights to levosimendan for the treatment of PH-HFpEF.” “We also conducted the KOL Event, “LEVEL Setting”, in April, which featured a panel of globally renowned cardiologists who reviewed the significant unmet medical need in PH-HFpEF and the potential of levosimendan to address this debilitating condition. Finally, we raised gross proceeds of approximately $100 million in a private placement financing, providing Tenax the resources to further advance the levosimendan Phase 3 program, with the ultimate goal of bringing to market the first FDA-approved treatment for the millions of patients who suffer from PH-HFpEF.” Recent Corporate and Clinical Highlights In August 2024, Tenax announced the closing of a private placement financing that resulted in total gross proceeds to the Company of approximately $100 million, before deducting placement agent fees and other estimated offering expenses.In April 2024, Tenax announced that the United States Patent and Trademark Office (USPTO) granted the Company a patent, U.S. Patent No. 11,969,424, covering the use of TNX-103 (oral levosimendan), TNX-102 (sub...