PolyPid Announces Private Placement for Up to $14 Million in Gross Proceeds
Summary
Funding Extends Companys Cash Runway into Second Quarter 2025, which is beyond the Anticipated Timing for SHIELD II Top-line Results if Warrants are Fully ExercisedMore than 300 Patients Enrolled in Ongoing SHIELD II Phase 3 Trial of D-PLEX for the Prevention of Abdominal Colorectal Surgical Site InfectionsUnblinded Interim Analysis to be Conducted Once Approximately 400 Patients Complete Their 30-Day Follow-up Expected in Fourth Quarter of 2024; Top-Line Results Anticipated in First Quarter of 2025PETACH TIKVA, Israel, (GLOBE NEWSWIRE) -- PolyPid Ltd. (Nasdaq: PYPD) (PolyPid or the Company), a late-stage biopharma company aiming to improve surgical outcomes, today announced that it has entered into a securities purchase agreement for a private placement financing (the PIPE) for in gross proceeds priced at per share. The Company intends to use the net proceeds from the sale of the securities for its ongoing phase 3 clinical trial for the prevention of surgical site infections in patients undergoing abdominal colorectal surgery, working capital and general corporate purposes. If all warrants issued in this financing are exercised, the Company would be funded beyond top-line results and into the second quarter of 2025.To date, more than 300 patients have been enrolled in the ongoing SHIELD II Phase 3 trial. D-PLEX is currently in Phase 3 SHIELD II trial for the prevention of surgical site infections in patients undergoing open abdominal colorectal surgery with large incisions. Through locally administered, controlled, prolonged-release therapeutics, PolyPids proprietary PLEX (Polymer-Lipid Encapsulation matriX) technology pairs with Active Pharmaceutical Ingredients (APIs), enabling precise delivery of drugs at optimal release rates over durations ranging from several days to months.