NurExone Biologic Announces Private Placement of up to $2M and Closes First Tranche for $1.61M
Summary
TORONTO and HAIFA, Israel, Sept. 26, 2024 (GLOBE NEWSWIRE) -- NurExone Biologic Inc. (TSXV: NRX), (OTCQB: NRXBF), (Germany: J90) (the Company or NurExone), a biopharmaceutical company developing exosome-based therapies for the multi-billion dollar regenerative medicinei market, is pleased to announce a non-brokered private placement of up to 3,636,363 units (Units) at a price of $0.55 per Unit for aggregate gross proceeds of up to $2,000,000 (the Offering) and will, on acceptance of the TSX Venture Exchange (TSXV), close on a first tranche of the Offering for gross proceeds of $1,610,147.55. Lior Shaltiel, Chief Executive Officer of the Company noted that, we appreciate the continued support of our existing shareholders, who recognize the milestones weve achieved as we advance toward the use of loaded exosomes as regenerative therapy for the multi-billion-dollar markets of acute spinal cord injuries and optic nerve damage. If the Warrants are not exercised by the applicable accelerated expiry date, the Warrants will expire and be of no further force or effect.Closing of the Offering is subject to receipt of all necessary regulatory approvals, including TSXV, and all securities issued thereunder will be subject to a statutory hold period of four months and one day from the closing of the Offering.The Offering may constitute a related party transaction, as such term is defined in Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions (MI 61-101) as certain insiders of the Company may subscribe in the Offering, and would require the Company to receive minority shareholder approval for, and obtain a formal valuation for the subject matter of, the transaction in accordance with MI 61-101, prior to the completion of each such transaction. The Companys first product, ExoPTEN for acute spinal cord injury, was proven to recover motor function in 75% of laboratory rats when administered intranasally. Forward-looking statements in this press release include, but are not limited to, statements relating to the Companys intention to complete the Offering on the terms, timeline and with the subscribers indicated herein; the Companys intention to rely on the exemptions set out in MI 61-101; and the NurExone platform technology offering novel solutions to drug companies interested in noninvasive targeted drug delivery for other indications.These statements reflect managements current beliefs and are based on information currently available to management as at the date hereof.