Transaction Information
enVVeno Medical Corporation (NASDAQ:NVNO) ("enVVeno" or the "Company") announced that it has entered into a securities purchase agreement with certain healthcare focused institutional investors for approximately $28 million of gross proceeds. The private placement is being conducted as an at-the-market offering under Nasdaq rules at a purchase price per share of common stock and warrants of $5.806.
The transaction was led by Perceptive Advisors with participation from Nantahala Capital, Kingdon Capital Management, Velan Capital, L1 Capital and other new and existing institutional investors.
Milestone-driven warrants that were issued as part of the transaction could bring in up to approximately $34 million of additional capital within 30 days of the release of initial topline efficacy data from the SAVVE U.S. pivotal trial for the VenoValve, expected in Q2 of 2024, and up to approximately $40 million of additional capital within 30 days of FDA pre-market approval for the VenoValve, expected in Q2 of 2025. With the full exercise of both sets of milestone-driven warrants, the financing has the potential to generate $103 million of gross proceeds.
The two subsequent potential financing tranches in the form of milestone-driven warrants are priced at $6.945 and $8.334, respectively, and will expire on the 1-year and 3-year anniversary of the date of issuance, respectively, if the milestones above are not achieved.
Ladenburg Thalmann & Co. Inc. acted as exclusive placement agent in connection with the offering.
About enVVeno Medical
enVVeno Medical is an Irvine, California-based, late clinical-stage medical device company focused on the advancement of innovative bioprosthetic (tissue-based) solutions to improve the standard of care for the treatment of venous disease. For more information, visit www.envveno.com.
About Intelligent Bio Solutions Inc.
Intelligent Bio Solutions Inc. (the "Company") is a medical technology company delivering intelligent, rapid, non-invasive testing solutions. The Company believes that its Intelligent Fingerprinting Drug Screening System will revolutionize portable testing through fingerprint sweat analysis, which has the potential for broader applications in additional fields. This hygienic, and cost-effective system is designed to screen for recent use of drugs commonly found in the workplace, including opioids, cocaine, methamphetamine, and cannabis. With sample collection in seconds and results in under ten minutes, this technology would be a valuable tool for employers in safety-critical industries. For more information, visit www.ibs.inc.
The information and material presented is provided for informational purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or buy any securities mentioned herein.