Matinas BioPharma Announces Agreement for the Acquisition of Preferred Stock and Appointment of Dr. Robin L. Smith to the Board of Directors

Core Viewpoint - Matinas BioPharma Holdings, Inc. has entered into a securities purchase agreement to raise $3.3 million through the sale of Series C Convertible Preferred Stock and warrants to investors, aimed at supporting corporate operations and strategic initiatives, particularly for its antifungal drug candidate MAT2203 [1][4]. Group 1: Securities Purchase Agreement - The agreement involves the sale of 3,300 shares of Series C Convertible Preferred Stock and warrants for a total of $3.3 million, with an initial closing of 1,650 shares generating $1.65 million [1][2]. - The Preferred Stock is convertible into common stock at a price of $0.586, with each share convertible into 1,706 shares of common stock [3]. Group 2: Use of Proceeds - Funds from the securities purchase will be allocated for general corporate purposes, focusing on reducing operating expenses and exploring strategic alternatives for MAT2203, a Phase 3-ready antifungal drug candidate [4]. Group 3: Board Changes - Dr. Robin L. Smith has been appointed to the Board of Directors, bringing extensive experience in the biopharmaceutical industry [5][6]. - Herbert J. Conrad, the founding Chairman, has resigned from the Board, marking a significant leadership transition for the company [9]. Group 4: Product Information - MAT2203 is a potential oral treatment for invasive fungal infections, designed to overcome limitations of existing intravenous treatments, with successful Phase 2 trial results [12].