Eterna Therapeutics and Lincoln Park Capital Enter into a Common Stock Purchase Agreement for Up To $10 Million
Summary
CAMBRIDGE, Mass., April 11, 2023 (GLOBE NEWSWIRE) -- Eterna Therapeutics Inc. (Nasdaq: ERNA) (Eterna or the Company), a life science company committed to realizing the potential of mRNA cell engineering to provide patients with transformational new medicines, today announced that the Company has entered into a common stock purchase agreement (the Agreement) for up to $10 million with Lincoln Park Capital Fund, LLC (LPC).Under the terms of the Agreement, LPC has committed to purchase up to $10 million of shares of the Companys common stock at Eternas sole discretion from time to time during a 24-month period. Eterna will retain full control as to the timing and amount of any sale of shares of common stock to LPC under the Agreement, subject to certain limitations specified in the Agreement and those under Nasdaq listing rules.There is no upper limit as to the price per share that LPC may pay for stock issuances under the Purchase Agreement, and LPC has agreed not to cause or engage in any direct or indirect short selling or hedging of Eternas common stock. We believe that maintaining financial flexibility will allow us to remain focused on expanding our capabilities to support the development of next-generation mRNA-based therapeutic products, and deploying our extensive portfolio of in-licensed mRNA cell engineering patents through strategic partnerships.Additional detail regarding the Agreement and the related registration rights agreement is set forth in Eternas Current Report on Form 8-K, filed today with the SEC.The offer and sale of the securities by Eterna under the Agreement have not been registered under the Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from such registration requirements.This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.About Eterna Therapeutics Inc. Eterna Therapeutics is a life science company committed to realizing the potential of mRNA cell engineering to provide patients with transformational new medicines. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. The forward-looking statements made in this communication speak only as of the date on which they were made, and Eterna does not undertake any obligation to update the forward-looking statements contained herein to reflect events that occur or circumstances that exist after the date hereof, except as required by applicable law.