Galectin Therapeutics Inc., of Norcross, Ga., said its $10 million unsecured line of credit entered into December last year, has been extended by one further year for both borrowings and maturity. The line of credit arrangement with Richard Uihlein, board chairman and a shareholder, originally provided for borrowings to occur through Dec. 31, 2018, with all principal and any interest maturing and coming due on Dec. 31, 2019. The amendment now extends the date for borrowings through Dec. 31, 2019, and he maturity of principal and interest to Dec. 31, 2020.
Iliad Biotechnologies LLC, of Weston, Fla., reported the initial closing of a class C financing, which will provide the company with up to $20 million. It has received commitments of 12.8 million for the initial closing, which will enable it to conduct a phase IIb BPZE1, a next generation pertussis vaccine, study following a phase IIa trial currently in progress at the Vanderbilt Vaccine Research Program. The financing is being led by Network-1 Technologies and SDS Capital Partners. In addition to funding continued operations, R&D and manufacturing development, the financing will support further clinical studies, including a multicenter phase IIb study that will compare BPZE1 to Boostrix, an FDA-licensed intramuscular acellular pertussis vaccine.
Mannkind Corp., of Westlake Village, Calif., said it priced an underwritten public offering of 26.66 million shares and warrants to purchase up to an aggregate of 26.66 million shares for a combined purchase price of $1.50, which will generate gross proceeds of $40 million. Each warrant will have an exercise price of $1.60 per share, will be exercisable immediately and will expire on the ne year anniversary of the date of issuance.
Morphogen-IX Ltd., of Cambridge, U.K., focused on the development of bone morphogenetic proteins (BMPs) for the treatment of pulmonary arterial hypertension (PAH), said it completed a £18.4 million (US$23.3 million) series B round led by Medicxi, alongside investments from Cambridge Innovation Capital and Cambridge Enterprise. The investment will support preclinical development of its lead candidate, MGX292, and initiation of clinical trials by 2021. The company has developed protein-engineered forms of bone morphogenetic protein 9 (BMP9), conferring potent protection of the blood vessels in the lung, whilst lacking the bone-inducing properties of the native protein. BMP9 has shown strong preclinical efficacy in the reversal of PAH.
Neuraptive Therapeutics Inc., of Lafayette, Colo., said it has secured an $11.5 million series A equity financing led by New Rhein Healthcare Investors LLC. The company will use the funds to further develop in clinical trials its flagship product, the Axofuse nerve repair system, which has been shown to prevent degeneration of a substantial proportion (about 50 percent to 70 percent) of the axons within a repaired nerve.
Sab Biotherapeutics Inc., of Sioux Falls, S.D., raised $22 million in its series A-2 round that closed Dec. 15, 2018. The company plans to use the capital to accelerate its growth, continue expansion of its operations and advance its immunotherapy platform, specifically as the company proceeds to phase II clinical trials and accelerates development of commercial targets for type 1 diabetes, cancer and influenza.
Soleno Therapeutics Inc., of Redwood City, Calif., said it has entered into a definitive agreement with certain institutional and accredited investors to raise approximately $16.5 million through the private placement of its equity securities (PIPE). The financing was led by Abingworth LLP and supported by certain of its existing investors. The company will sell 10.27 million units at $1.60625 each. Each unit consists of one share at a purchase price of $1.60 and one warrant to purchase 0.05 shares at a purchase $0.00625 per warrant. Each warrant has an exercise price of $2 per share. Soleno intends to use the net proceeds from the offering to support the ongoing DESTINY phase III program of diazoxide choline controlled-release in Prader-Willi syndrome, a rare and complex genetic neurobehavioral/metabolic disorder affecting appetite, growth, metabolism, cognitive function, and behavior.