Core Viewpoint - Polyrizon Ltd. has announced a definitive agreement for the sale of approximately $17.0 million in Ordinary Shares and/or pre-funded and investor warrants at a price of $0.48 per Ordinary Unit, aimed at supporting its innovative intranasal hydrogel technology [1][3]. Group 1: Offering Details - The offering includes the sale of 35,416,667 Ordinary Units, each consisting of one Ordinary Share or Pre-Funded Warrant and one Series A Warrant to purchase one Ordinary Share per warrant [2]. - The initial exercise price of each Series A Warrant is set at $1.20 per Ordinary Share, with a term of 30 months, and will be exercisable following shareholder approval [2]. - The transaction is expected to close on or about April 1, 2025, subject to customary closing conditions [3]. Group 2: Use of Proceeds - The net proceeds from the offering, along with existing cash, are intended for general corporate purposes and working capital [3]. Group 3: Company Overview - Polyrizon is a development-stage biotech company focused on innovative medical device hydrogels delivered as nasal sprays, which create a barrier against viruses and allergens [6]. - The company's proprietary technology, Capture and Contain TM, aims to function as a "biological mask" in the nasal cavity [6]. - Polyrizon is also developing additional technology for nasal delivery of active pharmaceutical ingredients, referred to as Trap and Target ™ [6].
Polyrizon Ltd. Announces $17.0 Million Private Placement