GRI Bio Announces Exercise of Warrants

Core Viewpoint - GRI Bio, Inc. has entered into agreements to exercise existing warrants for purchasing shares at a significantly reduced price, aiming to raise approximately $0.8 million for working capital and corporate purposes [1][2]. Group 1: Company Overview - GRI Bio is a biotechnology company focused on developing Natural Killer T (NKT) cell modulators for treating inflammatory, fibrotic, and autoimmune diseases [1][5]. - The company's lead program, GRI-0621, is an oral therapeutic aimed at treating idiopathic pulmonary fibrosis, addressing a significant unmet medical need [5]. - GRI Bio is also developing a pipeline of novel type 2 NKT agonists for systemic lupus erythematosus and has a library of over 500 proprietary compounds to support its research and development efforts [5]. Group 2: Financial Details - The company will issue new unregistered Series D-1 and Series D-2 warrants, each allowing the purchase of up to 762,236 shares at an exercise price of$1.00 per share [2]. - Gross proceeds from the exercise of existing warrants are expected to be approximately $0.8 million before deducting fees and expenses [2]. - The offering is expected to close around October 22, 2024, pending customary closing conditions [1].