Core Viewpoint - Synaptogenix, Inc. has announced a $5.0 million financing through the sale of 5,000 shares of Series C convertible preferred stock, aimed at enhancing its strategic capabilities for potential acquisitions and research funding [1][2]. Financing Details - The financing involves the sale of Series C convertible preferred stock with a stated value of $1,000 per share, convertible into common stock [1]. - The initial conversion price for the preferred stock is set at $4.00 per share, with a quarterly dividend of 5.0% payable in cash [2]. - The offering includes a concurrent private placement of additional shares and unregistered common stock purchase warrants, expected to close around September 12, 2024 [1][2]. Regulatory Information - The securities in the Registered Offering are offered under an effective shelf registration statement declared by the SEC on April 27, 2022 [3]. - The Private Placement transactions are exempt from registration requirements under the Securities Act, relying on specific exemptions [4]. Company Background - Synaptogenix is a clinical-stage biopharmaceutical company focused on developing therapies for neurodegenerative diseases, with its lead candidate, Bryostatin-1, undergoing clinical studies for Alzheimer's disease and other conditions [6]. - Bryostatin-1 has received Orphan Drug Designation from the FDA for treating Fragile X syndrome and has been tested in over 1,500 individuals in cancer studies, providing a substantial safety data base [6].
Synaptogenix Announces $5.0 Million Financing