Curated News
By: NewsRamp Editorial Staff
December 19, 2024

Clene Announces $10 Million Debt Facility for CNM-Au8 Treatment Development

Reddit Discuss on RedditDiscuss on LinkedIn LinkedInDiscuss on Substack SubstackDiscuss on Telegram Telegram
Source News Release

TLDR

  • Clene secures $10M debt facility with 12% fixed interest rate, convertible to common stock at 130% premium, supporting development of CNM-Au8 treatment for ALS and neurodegenerative diseases.
  • The debt facility is a secured, partially convertible note with an interest-only period for the first year, aiming to address FDA data requirements for regulatory approval of CNM-Au8 treatment for neurodegenerative diseases.
  • The funding will support the development of CNM-Au8 treatment, improving mitochondrial health and protecting neuronal function to treat neurodegenerative diseases, making tomorrow better for patients with ALS, Parkinson’s disease, and multiple sclerosis.
  • Clene secures $10M debt facility with convertible notes and 12% fixed interest rate to develop CNM-Au8 treatment for neurodegenerative diseases, offering hope for patients and investors.

Impact - Why it Matters

This news matters as it highlights Clene's strategic financial move to secure funding for the development of its CNM-Au8 treatment for ALS and neurodegenerative diseases, potentially impacting the future of neurological disease treatment.

Summary

Clene (NASDAQ: CLNN) has announced a $10 million debt facility with three affiliated entities, set to close by December 20, 2024. The 18-month secured, partially convertible note carries a 12% fixed interest rate, with an interest-only period for the first year. Sixty-five percent of the note is convertible into common stock at $5.67 per share, a 130% premium over the stock’s signing day closing price. Proceeds will support Clene’s development of its CNM-Au8 treatment for ALS and neurodegenerative diseases, addressing FDA data requirements for regulatory approval. The company also aims to repay its prior $7.9 million Loan Agreement with Avenue Venture Opportunities Fund.

To view the full press release, visit https://ibn.fm/PYUp3

Source Statement

This curated news summary relied on this press release disributed by InvestorBrandNetwork (IBN). Read the source press release here, Clene Announces $10 Million Debt Facility for CNM-Au8 Treatment Development

blockchain registration record for the source press release.