XAIR - Beyond Air gets $30 million worth of commitments for cancer division

Beyond Air (NASDAQ:XAIR) announced a $30M worth of commitments secured for its private affiliate, Beyond Cancer, through private placement of common shares. The investors who have made the financial commitment could receive 20% equity ownership, the company disclosed. The transaction is expected to close at the end of the quarter. The funding is earmarked for general corporate purposes as well as several operational activities, including the completion of IND-enabling studies and a Phase 1 study. Early this week, a few Wall Street analysts raised their price targets on Beyond Air (XAIR) with positive views on the company’s spinoff plans. Despite lower than expected Q1 earnings for fiscal 2022, the stock gained sharply on Friday after the company highlighted its upcoming milestones.

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Beyond Air gets $30 million worth of commitments for cancer division