Longeveron Announces Exercise of Warrants for $4.4 Million Gross Proceeds

Core Viewpoint - Longeveron Inc. has entered into agreements for the exercise of existing warrants, which will generate approximately $4.4 million in gross proceeds for the company, aimed at supporting its clinical and regulatory development efforts for its lead product, Lomecel-B™ [1][8]. Group 1: Financial Transactions - The company announced the exercise of warrants to purchase 1,697,891 shares of Class A common stock at an exercise price of $2.35 per share, originally issued in April 2024 [1]. - In exchange for the immediate exercise of existing warrants, Longeveron will issue new unregistered warrants to purchase up to 3,395,782 shares of Class A common stock at an exercise price of $2.50 per share, with a term of twenty-four months [2]. - The offering is expected to close on or about June 18, 2024, subject to customary closing conditions [8]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for ongoing clinical and regulatory development of Lomecel-B™, targeting conditions such as hypoplastic left heart syndrome (HLHS) and Alzheimer's disease, as well as for capital expenditures, working capital, and other general corporate purposes [8]. Group 3: Company Overview - Longeveron is a clinical stage biotechnology company focused on developing regenerative medicines to address unmet medical needs, with its lead investigational product being Lomecel-B™, an allogeneic medicinal signaling cell therapy [10]. - The company is pursuing three pipeline indications: HLHS, Alzheimer's disease, and aging-related frailty [10].