PainReform Announces Exercise of Warrants for $1.58 Million Gross Proceeds

Core Viewpoint - PainReform Ltd. has entered into definitive agreements for the immediate exercise of outstanding warrants, allowing the purchase of up to 989,300 ordinary shares at a reduced exercise price of $1.60 per share, down from $4.80 per share [1][2]. Group 1: Financial Details - The gross proceeds from the exercise of the warrants are expected to be approximately $1.58 million, prior to deducting placement agent fees and estimated offering expenses [3]. - The company intends to use the net proceeds from the offering for general corporate purposes [3]. Group 2: New Warrants - In exchange for the immediate exercise of the warrants, the company will issue new unregistered warrants to purchase up to 1,978,600 ordinary shares, with an exercise price of $1.60 per share, exercisable immediately upon issuance and expiring five years from the date of issuance [2]. Group 3: Regulatory Information - The new warrants were offered in a private placement and have not been registered under the Securities Act of 1933, meaning they cannot be offered or sold in the U.S. without registration or an applicable exemption [4]. - The company has agreed to file a registration statement with the SEC covering the resale of the ordinary shares issuable upon exercise of the new warrants [4]. Group 4: Company Overview - PainReform is a clinical-stage specialty pharmaceutical company focused on reformulating established therapeutics, with its lead product PRF-110 targeting postoperative pain relief [6]. - PRF-110 is based on the local anesthetic ropivacaine and is designed to provide localized and extended postoperative analgesia without the need for repeated doses [6].