Genetic Technologies Ltd., of Melbourne, Australia, said it closed its public offering of 3.5 million American depositary shares (ADSs), each representing 600 ordinary shares, at a purchase price of $2 per ADS, and 500,000 prefunded warrants, at a purchase price of $1.9999 per prefunded warrant, for aggregate gross proceeds of approximately $8 million. The company intends to use the net proceeds to support the introduction and distribution of new products in the U.S.
Outlook Therapeutics Inc., of Monmouth Junction, N.J., said it entered a stock purchase agreement with Syntone Ventures LLC for a private placement of $16 million of common stock at a price of $1 per share. In addition, it entered a joint venture agreement with Syntone Technologies Group Co. Ltd. to form a joint venture to develop and commercialize ONS-5010/Lytenava (bevacizumab-vikg), an investigational ophthalmic formulation of bevacizumab to treat wet age-related macular degeneration, in China. Outlook will use $900,000 of the private placement proceeds to fund its initial capital contribution to the joint venture.
Pneumagen Holdings Ltd., of St Andrews, Scotland, focused on treating infectious diseases by targeting the human glycome, said it received a £4 million (US$4.89 million) investment to support the clinical development of its lead candidate, Neumifil, a potentially first-in-class carbohydrate binding module, generated using the company’s Glycotarge platform. It is being developed for the universal treatment of respiratory tract infections caused by influenza virus and respiratory syncytial virus, and now coronaviruses, including SARS-CoV-2, the cause of COVID-19. The financing was led by Thairm Bio with additional support from the Scottish Investment Bank. It follows data from preclinical studies in COVID-19 using plaque reduction assays. The testing conducted at Public Health England’s Porton facility and from the University of Glasgow’s MRC Centre for Virus Research demonstrated efficacy in inhibiting SARS-CoV-2 infection.