Scinai Immunotherapeutics Enters $2 Million Investment Commitment Agreement

Scinai Immunotherapeutics (NASDAQ: SCNI), a biopharmaceutical company, has entered into a $2 million Investment Commitment Agreement with RK Stone Miami LLC, an affiliate of the largest shareholder of the company, Mr. Daniel Stone. Under the terms of the agreement, Scinai may issue and sell ASDs to the investor, from time to time through December 31, 2024, for an aggregate purchase price of up to $2 million. The agreement does not require the company to register for resale the ADSs to be issued under the agreement. Scinai is a biopharmaceutical company with two complementary business units: one focused on in-house development of inflammation and immunology (“I&I”) biological therapeutic products beginning with an innovative, de-risked pipeline of nanosized VHH antibodies; the second unit is a boutique CDMO providing biological drug development, analytical methods development, clinical GMP manufacturing, and preclinical and clinical trial design and execution services to early stage biotech companies.