NurExone Announces Closing of Second Tranche of Private Placement, bringing total raise at this round to approximately CAD$1.5M
TORONTO and HAIFA, Israel, Sept. 06, 2023 (GLOBE NEWSWIRE) — NurExone Biologic Inc. (TSXV: NRX) (FSE: J90) (NRX.V) (the “Company” or “NurExone”), a biopharmaceutical company developing biologically-guided exosome therapy for patients with traumatic spinal cord injuries, is pleased to announce that it has closed the second and final tranche (the “Second Tranche”) of its previously announced non-brokered private placement (the “Private Placement”). An aggregate of 750,000 units of the Company (each a “Unit”) were issued and sold under the Second Tranche at a price of CAD$0.275 per Unit for aggregate proceeds of CAD$206,250. In the aggregate, the Company issued and sold 5,394,548 Units at a price of CAD$0.275 per Unit for aggregate proceeds of CAD$1,483,500.70 under the Private Placement.
“I am pleased with the outcome of our Private Placement and on behalf of NurExone’s team, I would like to thank our investors and shareholders for the support and trust in the Company and its team”, said Dr. Lior Shaltiel, CEO of NurExone.
“The Company intends to use the proceeds of the Private Placement for progressing the development activities on the Company’s assets, working capital, and for general corporate purposes”, said Eran Ovadya, CFO of NurExone.
Each Unit consists of (i) one common share in the capital of the Company (each, a “Common Share”); (ii) one-half of one class A Common Share purchase warrant (each whole class A Common Share purchase warrant, a “Class A Warrant”); and (iii) one-half of one class B Common Share purchase warrant (each whole class B Common Share warrant, a “Class B Warrant” and collectively each whole Class A Warrant and each whole Class B Warrant, a “Warrant”). Each Class A Warrant entitles the holder thereof to purchase one Common Share at a price of CAD$0.34 per Common Share for a period of 24 months from the closing of the Second Tranche and each whole Class B Warrant entitles the holder thereof to purchase one Common Share at a price of CAD$0.48 per Common Share for a period of 36 months from the closing of the Second Tranche.
The Warrants are subject to accelerated expiration whereby if the daily volume weighted average trading price of the Common Shares on the TSX Venture Exchange (“TSXV”) for any period of 20 consecutive trading days equals or exceeds CAD$0.69 in respect of the Class A Warrants or CAD$0.83 in respect of the Class B Warrants, the Company may, upon providing written notice to the holders of the Class A Warrants or Class B Warrants, as applicable (the “Acceleration Notice”), accelerate the expiry date of the respective Class A Warrants or Class B Warrants to the date that is 30 days following the date of the Acceleration Notice. If the Warrants are not exercised by the applicable accelerated expiry dates, the Warrants will expire and be of no further force or effect.
All securities issued under the first and Second Tranche are subject to a statutory hold period of four months and one day from the closing of the Second Tranche. The Private Placement is subject to final approval of the TSXV.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
About NurExone Biologic Inc.
NurExone Biologic Inc. is a TSXV listed pharmaceutical company that is developing a platform for biologically-guided ExoTherapy to be delivered, non-invasively, to patients who suffered traumatic spinal cord injuries. ExoTherapy was conceptually demonstrated in animal studies at the Technion, Israel Institute of Technology. NurExone is translating the treatment to humans, and the company holds an exclusive worldwide license from the Technion and Tel Aviv University for the development and commercialization of the technology.
Dr. Lior Shaltiel
Chief Executive Officer and Director
Email: [email protected]
Phone: +1 905-347-5569
Email: [email protected]
This press release contains certain “forward-looking statements”, that reflect the Company’s current expectations and projections about its future results. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements relating to the use of proceeds of the Private Placement and the receipt of final approval of the TSXV of the Private Placement. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
In developing the forward-looking statements in this press release, we have applied several material assumptions, including our ability to attract investors on the terms under the Private Placement; the general business and economic conditions of the industries and countries in which we operate; the market conditions; inflation will remain stable; and that the results of our studies reflect results that can be extrapolated.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the Company’s early stage of development, lack of revenues to date, government regulation, market acceptance for its products, rapid technological change, dependence on key personnel, protection of the Company’s intellectual property, dependence on the Company’s strategic partners and the risks discussed under the heading “Risk Factors” on pages 29 to 36 of the Company’s Annual Information Form dated March 30, 2023, a copy of which is available under the Company’s SEDAR+ profile at www.sedarplus.ca. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.