Curated News
By: NewsRamp Editorial Staff
October 03, 2024

Clene (NASDAQ: CLNN) Closes Offering and Placements, Raises $7.3M

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Source News Release

TLDR

  • Clene (NASDAQ: CLNN) closed a $7.3 million offering with potential for additional capital through future warrant exercises, giving an advantage to investors.
  • The offering consists of common stock and warrants, providing a methodical structure for raising capital and enabling the company to fund itself while in discussions with the FDA.
  • The financing enables people with ALS who currently take CMN-Au8 under compassionate use programs to continue receiving drug, making tomorrow better for patients in need.
  • CNM-Au8 is an investigational, first-in-class therapy that targets mitochondrial function and the NAD pathway, offering an interesting approach to treating neurodegenerative diseases.

Impact - Why it Matters

This news matters as it highlights the successful financial transactions of Clene, a company dedicated to developing therapies for neurodegenerative diseases. The raised capital will support Clene's ongoing discussions with the FDA and ensure the continuation of drug provision to people with ALS under compassionate use programs. The potential NDA filing under the accelerated approval pathway also signals progress in the development of treatments for neurodegenerative diseases.

Summary

Clene (NASDAQ: CLNN), a late clinical-stage biopharmaceutical company, has closed on a registered direct offering and concurrent private placements, raising an estimated $7.3 million. The transactions involved a healthcare-focused institutional investor and existing shareholders, with potential for additional capital through the future exercise of warrants. Additionally, Clene announced the amendment of its existing debt facility with Avenue Venture Opportunities Fund, L.P. This financing will enable the company to fund itself while in discussions with the FDA to potentially file an NDA under the accelerated approval pathway by year end, as well as continue providing drug to people with ALS under compassionate use programs.

Source Statement

This curated news summary relied on this press release disributed by InvestorBrandNetwork (IBN). Read the source press release here, Clene (NASDAQ: CLNN) Closes Offering and Placements, Raises $7.3M

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