Tiziana Life Sciences Announces Closing of Oversubscribed $8.8 Million Registered Direct Offering of Ordinary Shares

Core Viewpoint - Tiziana Life Sciences has successfully closed a registered direct offering of 7,040,000 ordinary shares at $1.25 per share, raising gross proceeds of $8.8 million, which will support its clinical trials for intranasal foralumab, its lead candidate [1][3]. Group 1: Offering Details - The offering was conducted without an underwriter or placement agent and was primarily subscribed by senior management and existing shareholders [1]. - Participants in the offering will receive warrants to purchase additional shares at $1.50, potentially raising an additional $10.56 million [1]. - The offering was led by CEO Ivor Elrifi, who purchased 2,400,000 shares, increasing his total holdings to 2,757,848 shares [2]. Group 2: Clinical Development - Proceeds from the offering will enable Tiziana to complete Phase 2 clinical trials for non-active secondary progressive multiple sclerosis (na-SPMS) and multiple system atrophy (MSA) [3]. - Foralumab, the lead candidate, is a fully human anti-CD3 monoclonal antibody that has shown promise in stimulating T regulatory cells when administered intranasally [6][7]. - The drug is currently being tested in a Phase 2a trial, with positive early results reported in an open-label program involving 14 patients [6]. Group 3: Company Overview - Tiziana Life Sciences is a clinical-stage biopharmaceutical company focused on developing innovative therapies using alternative drug delivery technologies [8]. - The company's nasal delivery approach aims to enhance the efficacy, safety, and tolerability of immunotherapy compared to traditional intravenous methods [8]. - Tiziana's technology for alternative routes of immunotherapy is patented, with several applications pending, indicating potential for a broad pipeline of therapies [8].