Longeveron Announces Closing of Private Placement of up to $30 Million

Core Viewpoint - Longeveron Inc. has successfully closed a private placement for approximately $30 million, with initial proceeds of $15 million expected to fund operations into Q4 2026, beyond the anticipated pivotal Phase 2b ELPIS II clinical trial data readout in Q3 2026 [1][8]. Financing Details - The private placement was led by Coastlands Capital, with participation from Janus Henderson Investors, Logos Capital, and Kalehua Capital, resulting in total gross proceeds of approximately $15 million at the initial closing [2][8]. - At the initial closing, the company issued 6,013,384 shares of Class A common stock at a price of $0.52 per share, along with Series A Non-Voting Convertible Preferred Stock convertible into 22,832,770 shares of Class A common stock at a conversion price of $0.52 per share [3][8]. - The company is eligible to receive an additional approximately $15 million in gross proceeds, contingent on achieving certain milestones related to the Phase 2b ELPIS II clinical trial and share price [3][8]. Use of Proceeds - The net proceeds from the financing will be used for the ongoing clinical and regulatory development of laromestrocel, working capital, and other general corporate purposes, with expectations to fund operations into Q4 2026 [5][8]. Additional Agreements - The company agreed to sell investors an interest in 50% of proceeds from a potential future sale of a Rare Pediatric Disease Priority Review Voucher from the U.S. FDA related to the laromestrocel program for HLHS [4][8]. Company Overview - Longeveron Inc. is a clinical stage biotechnology company focused on developing regenerative medicines, with its lead product being laromestrocel, an allogeneic mesenchymal stem cell therapy [9]. - The company is pursuing three pipeline indications: hypoplastic left heart syndrome (HLHS), Alzheimer's disease (AD), and Pediatric Dilated Cardiomyopathy (DCM), with multiple FDA designations for its programs [9].