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GRI Bio Raises a Total of $13.9 Million in Gross Proceeds Since the Beginning of 2024
GRIGRI Bio(GRI) GlobeNewswire News Room·2024-10-24 12:30

Core Insights - GRI Bio, Inc. has successfully exercised warrants to raise approximately 0.8million,extendingitscashrunwayintomidQ12025,whichwillsupportthedevelopmentofitsleadprogramGRI−0621fortreatingIdiopathicPulmonaryFibrosis(IPF)[1][2][3]−ThecurrenttreatmentlandscapeforIPFislimited,withonlytwoapproveddrugsthathavesignificantsideeffectsandlimitedpatientcompliance[1]−GRIBio′sleadprogram,GRI−0621,ispositionedtoprovidesignificantbenefitstoIPFpatients,withinterimdatareadoutsexpectedinthecomingquarters[1][3]FinancialSummary−Thegrossproceedsfromtherecentwarrantexercisewereapproximately0.8 million, extending its cash runway into mid Q1 2025, which will support the development of its lead program GRI-0621 for treating Idiopathic Pulmonary Fibrosis (IPF) [1][2][3] - The current treatment landscape for IPF is limited, with only two approved drugs that have significant side effects and limited patient compliance [1] - GRI Bio's lead program, GRI-0621, is positioned to provide significant benefits to IPF patients, with interim data readouts expected in the coming quarters [1][3] Financial Summary - The gross proceeds from the recent warrant exercise were approximately 0.8 million, contributing to a total of approximately 13.9millionraisedsincethebeginningof2024[2]−ThecompanyissuednewunregisteredSeriesD−1andD−2warrants,eachallowingthepurchaseofupto762,236sharesatanexercisepriceof13.9 million raised since the beginning of 2024 [2] - The company issued new unregistered Series D-1 and D-2 warrants, each allowing the purchase of up to 762,236 shares at an exercise price of 1.00 per share [3][4] Company Overview - GRI Bio is a clinical-stage biopharmaceutical company focused on developing therapies targeting Natural Killer T (NKT) cells to treat inflammatory, fibrotic, and autoimmune diseases [6] - The company’s lead program, GRI-0621, is an inhibitor of iNKT cell activity, aimed at addressing the unmet needs in the treatment of IPF [6] - GRI Bio is also developing a pipeline of novel type 2 NKT agonists for systemic lupus erythematosus, supported by a library of over 500 proprietary compounds [6]