Ault Life Sciences Inc., of Newport Beach, Calif., said it plans to raise up to $100 million from a series B convertible preferred stock and warrants to purchase common stock offering covered by Rule 506(c) of Regulation D and/or Regulation S under the Securities Act. A maximum of 50,000 units will be offered, with each unit consisting of: 1,000 shares of the company’s series B convertible preferred stock at $2 per share, and 1,000 warrants that will entitle its holder to purchase one share of the company’s class A common stock. The warrants will have an exercise price of $5 per share. Each unit will be priced at $2,000 each. A portion of the proceeds from the offering will be used to fund Alzamend Neuro Inc., of Tampa, Fla., a biotechnology company focused on treatments and cures for Alzheimer’s disease.
Apellis Pharmaceuticals Inc., of Waltham, Mass., said it entered subscription agreements with institutional investors for a private placement of $300 million of 3.5% convertible senior notes due 2026 for an aggregate purchase price of $328.9 million. The company estimates that the net proceeds of the offering will be approximately $323 million and intends to use $43.1 million to pay the cost of the capped call transactions entered in connection with the private placement. The remainder will fund clinical development of pegcetacoplan for paroxysmal nocturnal hemoglobinuria, including preparation of a new drug application submission, to support the potential commercialization of the compound, if it decides to commercialize on its own, including the build-out of a commercial infrastructure and sales force, to procure clinical and commercial supply of pegcetacoplan, to conduct research activities and for working capital and other general corporate purposes.
Bone Therapeutics SA, of Gosselies, Belgium, said it received €4 million (US$4.33 million) in subordinated bonds. That enables the company’s bond investors to be repaid in shares, at a conversion price of €7 per share. The company was also granted €4.75 million in bridge loans from commercial banks.
C4X Discovery Holdings plc, of Manchester, U.K., said it is planning a placement of shares at 15 pence each with existing and new institutional investors to raise a minimum of approximately £1 million (US$1.23 million). The net proceeds will be used to strengthen its balance sheet as partnering and strategic collaborations progress, and to support working capital during the progression of its pipeline portfolio.
Hemostemix Inc., of Calgary, Alberta, said it closed a nonbrokered private placement of units for gross proceeds of CA$1.29 million (US$921,869). The company issued 129.15 million units at CA1 cent per unit.
IMV Inc., of Dartmouth, Nova Scotia, said it completed a nonbrokered private placement of 8.77 million units at CA$2.86 each for gross proceeds of approximately CA$25.1 million (US$17.93 million). The company intends to use the net proceeds for the clinical development of its lead candidate, DPX-Survivac, currently being assessed in advanced ovarian cancer, as well as in multiple clinical studies in combination with Keytruda (pembrolizumab, Merck & Co. Inc.).
Insmed Inc., of Bridgewater, N.J., said it closed a public offering of 11.155 shares of its common stock, including 1.455 million shares issued to the underwriters who exercised in full of their option to purchase additional shares, at a public offering price of $23.25 each. The gross proceeds were approximately $259.4 million. The company intends to use the net proceeds to continue to commercialize Arikayce (amikacin liposome inhalation suspension); conduct further trials of the compound, including a required confirmatory trial to assess and describe the clinical benefit of Arikayce in patients with Mycobacterium avium complex lung disease, and conduct further trials of brensocatib (formerly known as INS-1007), including its planned phase III program in bronchiectasis.
Predictive Oncology Inc., of Minneapolis, said it entered definitive agreements with several institutional and accredited investors for the issuance and sale of an aggregate of 1.39 million shares at $1.575 each for gross proceeds of approximately $2.2 million in a registered direct offering priced at-the-market under Nasdaq rules. The company has also agreed to issue to the investors unregistered warrants, with an exercise price of $1.45 per share, to purchase up to an aggregate of 1.39 million shares. The company currently intends to use up to $487,000 of the net proceeds from the offering to repay certain indebtedness to Oasis Capital LLC, and the remainder for working capital purposes.
Soligenix Inc., of Princeton, N.J., said it received approximately $840,000, net of transaction costs, in nondilutive financing via the state of New Jersey's Technology Business Tax Certificate Transfer Program.
VBL Therapeutics Inc., of Tel Aviv, Israel, said it entered definitive agreements with several institutional investors for the purchase and sale of 6.34 million ordinary shares at $1.575 per share, in a registered direct offering priced at-the-market under Nasdaq rules. The company has also agreed to issue to the investors, in a concurrent private placement, unregistered warrants to purchase up to an aggregate of 6.34 million of its ordinary shares. The warrants have an exercise price of $1.45 per ordinary share, will be immediately exercisable and will expire 18 months from the date of issuance. The gross proceeds are expected to be approximately $10 million. The firm intends to use the net proceeds for working capital and general corporate purposes.