CHAPEL HILL, N.C. - Tenax Therapeutics, Inc. (NASDAQ:TENX), a company specializing in cardiovascular and pulmonary therapeutics, has announced the pricing of its public offering. The offering includes 1.6 million shares of common stock, or equivalent pre-funded warrants, along with warrants to buy up to an additional 3.2 million shares. Priced at $5.65 per share and warrant, the offering is expected to close around February 12, 2024, subject to standard closing conditions.
The exercise price for the common warrants is set at $5.65 per share, with immediate exercisability and a five-year expiration from the initial exercise date. Roth Capital Partners is serving as the exclusive placement agent for this offering.
Before deducting placement agent fees and other offering expenses, the gross proceeds are anticipated to reach approximately $9.04 million. Tenax Therapeutics plans to allocate the net proceeds to support the initiation and patient enrollment of its Phase 3 LEVEL trial, which is studying the effects of oral levosimendan in patients with pulmonary hypertension-heart failure with preserved ejection fraction (PH-HFpEF). Funds will also be used for working capital, capital expenditures, and other general corporate purposes.
The Phase 3 LEVEL study is a significant double-blind trial comparing levosimendan against a placebo in patients with PH-HFpEF. Levosimendan is known for its dual action as a potassium ATP channel activator and calcium sensitizer, with potential benefits in both heart and vascular systems. Tenax Therapeutics holds the North American rights to develop and commercialize various formulations of levosimendan.
This news article is based on a press release statement from Tenax Therapeutics.
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