CYTH - Cyclo Therapeutics and Rafael enter agreement for $5M funding
2023-06-05 09:24:20 ET
- Clinical stage biotechnology company, Cyclo Therapeutics ( NASDAQ: CYTH ) enters into an agreement with Rafael ( NYSE: RFL ) to purchase 4M shares and warrants for an aggregate purchase price of $5M.
- The warrants will have an exercise price of $1.25 and a term of seven years.
- The closing of the transaction is subject to the approval of its stockholders.
- Net proceeds will be used for working capital and general corporate purposes, including the support of Trappsol Cyclo development programs.
- The stock price is up 6.4% .
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Cyclo Therapeutics and Rafael enter agreement for $5M funding