Synaptogenix Announces $15 Million Private Placement with Existing Investors
Summary
Topline data from NIH-supported Phase 2 clinical trial for advanced AD patients expected during the current quarterNEW YORK, Nov. 18, 2022 /PRNewswire/ -- Synaptogenix, Inc. (Nasdaq: SNPX) ("Synaptogenix" or the "Company"), an emerging biopharmaceutical company developing regenerative therapeutics for neurodegenerative disorders, today announced that it has executed a securities purchase agreement to raise gross proceeds of approximately $15 million in a private placement financing of convertible redeemable preferred stock and warrants from existing investors. The private placement financing is expected to close on November 21, 2022, subject to the satisfaction of customary closing conditions.Alan Tuchman, M.D., Chief Executive Officer, stated, "We are excited to strengthen our balance sheet ahead of our National Institutes of Health ("NIH") sponsored Phase 2 Alzheimers disease ("AD") clinical trial results which we expect to report during this coming December. The Company has agreed to file a registration statement with the SEC registering the resale of the shares of common stock issuable upon conversion of the preferred stock and exercise of the warrants issued in connection with the private placement.This press release is not an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.Synaptogenix is a clinical-stage biopharmaceutical company that has historically worked to develop novel therapies for neurodegenerative diseases. Preclinical studies have also demonstrated Bryostatins regenerative mechanisms of action for the rare disease, Fragile X syndrome, and for other neurodegenerative disorders such as multiple sclerosis, stroke, and traumatic brain injury. Bryostatin-1 has already undergone testing in more than 1,500 people in cancer studies, thus creating a large safety data base that will further inform clinical trial designs.