Rani Therapeutics Announces Oversubscribed $60.3 Million Private Placement Priced At-the-Market under Nasdaq Rules

Core Viewpoint - Rani Therapeutics has announced a private placement of Class A common stock and accompanying warrants, expected to generate approximately $60.3 million in gross proceeds, aimed at funding operations into 2028 and advancing its RaniPill® platform [1][3][4] Private Placement Details - The private placement will involve the issuance of 42,633,337 shares of Class A common stock at a price of $0.48 per share and pre-funded warrants at $0.4799 per warrant, with an exercise price of $0.0001 per share for the pre-funded warrants [5] - The accompanying warrants will allow the purchase of up to 125,000,004 shares of Class A common stock at an exercise price of $0.48 per share, exercisable upon stockholder approval [5][6] Use of Proceeds - Net proceeds from the private placement, along with an upfront payment of $10 million and an expected $18 million technology transfer milestone from Chugai Pharmaceuticals, will support the company's operations and pipeline development through 2028 [3][4] Strategic Partnerships - The financing is seen as a pivotal moment for Rani, combining its oral delivery technology with Chugai's expertise in antibody development, aiming to create transformative oral therapies for rare diseases [4][12] Investor Participation - The private placement was led by Samsara BioCapital, with participation from other investors including RA Capital Management and Anomaly, and includes a provision for Samsara and Anomaly to designate board members [6][7][8] Debt Conversion - Avenue Venture Opportunities Fund will convert $6 million of outstanding debt into 12,500,000 shares of Class A common stock and receive warrants on the same terms as other investors, reducing the company's debt obligations [9]