INmune Bio, Inc. a Florida-based clinical-stage immunology corporation, has reported its conclusive agreements for a registered direct offering valued at $9.7 million. The offering is priced at-the-market under NASDAQ rules, based on the average of the past five days closing prices - $9.84 per share, also including $0.125 per warrant.
Under the terms of the agreement, the company is undertaking the sale and purchase of 986,000 shares of its common stock. Concurrently, warrants to purchase up to 986,000 shares of common stock are part of the offering. The warrants are connected to INmune Bio’s ongoing Phase 2 Alzheimer’s Disease program and come with an acceleration clause triggered by the revelation of positive top-line data within the aforementioned trial.
The warrants’ validity is capped to the earlier of two timelines - either the two-year anniversary of the initial exercise date or thirty trading days following the announcement of positive top-line data in the Phase 2 Alzheimer’s program involving XPro1595, known as the Termination Date.
The gross proceeds from the registered direct offering, estimated at $9.7 million, are subject to the deduction of placement agent fees and relevant expenses. The offered common stock and accompanying warrants’ closure are slated to occur on April 29, 2024, contingent upon the satisfaction of customary closing conditions.
INmune Bio remains committed to its fundamental of developing treatments that harness patients’ innate immune systems to effectively battle disease. The proceeds of the offering are likely to contribute to the firm’s ongoing efforts and operational expenses within their research framework.
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