VCNX - Vaccinex announces private placement with commitments of $5M
2023-04-03 08:58:27 ET
- Vaccinex ( NASDAQ: VCNX ) closed the private placement of 4.98M shares at a purchase price of $0.41/share for gross proceeds of $2.04M.
- Net proceeds from the private placement to be used for funding the ongoing development and clinical trials of its lead drug candidate, pepinemab, in Alzheimer’s disease and in cancer and for working capital and general corporate purposes.
- Participants in the private placement included entities controlled by Dr. Maurice Zauderer, President and CEO of Vaccinex and a board member, and Albert D. Friedberg, Chairman of Vaccinex’s board.
- These investors purchased $2M worth of shares, and an investor unaffiliated with Vaccinex purchased the remaining shares.
- Post the stock purchase agreement for the private placement, the entity controlled by Mr. Friedberg, FCMI Parent made a binding commitment to purchase, on or prior to May 15, 2023, up to an additional $2.96M of shares, in effect reflecting a total commitment of $5M in new financing.
- Shares trading 2.6% higher premarket.
For further details see:
Vaccinex announces private placement with commitments of $5M