Topline data from NIH-supported Phase 2
clinical trial for advanced AD patients expected during the current
quarter
NEW
YORK, Nov. 18, 2022 /PRNewswire/ --
Synaptogenix, Inc. (Nasdaq: SNPX) ("Synaptogenix" or the
"Company"), an emerging biopharmaceutical company developing
regenerative therapeutics for neurodegenerative disorders, today
announced that it has executed a securities purchase agreement to
raise gross proceeds of approximately $15
million in a private placement financing of convertible
redeemable preferred stock and warrants from existing investors.
The private placement financing is expected to close on
November 21, 2022, subject to the
satisfaction of customary closing conditions.
Alan Tuchman, M.D., Chief Executive Officer, stated, "We
are excited to strengthen our balance sheet ahead of our National
Institutes of Health ("NIH") sponsored Phase 2 Alzheimer's disease
("AD") clinical trial results which we expect to report during this
coming December."
Preferred
Stock and Warrants
In a transaction with expected gross proceeds of $15 million, the Company has executed a
securities purchase agreement for a private placement of preferred
stock with a conversion price of $7.75 per share, subject to adjustment, and
warrants to acquire up to an aggregate amount of 1,935,485
additional shares of the Company's common stock. The warrants are
exercisable immediately at an exercise price of $7.75 per share and expire five years from the
date of issuance. The preferred stock conversion price and warrant
exercise price of $7.75 per share
represents an approximately 25% premium to yesterday's closing
share price.
The Company engaged Katalyst Securities, Inc. to serve as
placement agent to the Company in connection with the private
placement.
The preferred stock, along with the associated warrants, were
offered and sold in a transaction exempt from the registration
requirements of the Securities Act of 1933, as amended (the
"Securities Act"), pursuant to the exemption for transactions by an
issuer not involving any public offering under Section 4(a)(2) of
the Securities Act and Rule 506 of Regulation D of the Securities
Act and in reliance on similar exemptions under applicable state
laws. Accordingly, the preferred stock, warrants and underlying
shares of common stock issuable upon conversion or exercise of the
preferred stock and warrants may not be offered or sold in
the United States except pursuant
to an effective registration statement or an applicable exemption
from the registration requirements of the Securities Act and such
applicable state securities laws. The Company has agreed to file a
registration statement with the SEC registering the resale of the
shares of common stock issuable upon conversion of the preferred
stock and exercise of the warrants issued in connection with the
private placement.
This press release is not an offer to sell, or a solicitation of
an offer to buy, nor shall there be any sale of these securities in
any state or jurisdiction in which such an offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
About Synaptogenix
Synaptogenix is a clinical-stage biopharmaceutical company that
has historically worked to develop novel therapies for
neurodegenerative diseases. Synaptogenix has conducted clinical and
preclinical studies of its lead therapeutic candidate,
Bryostatin-1, in Alzheimer's disease. Preclinical studies have also
demonstrated Bryostatin's regenerative mechanisms of action for the
rare disease, Fragile X syndrome, and for other neurodegenerative
disorders such as multiple sclerosis, stroke, and traumatic brain
injury. The U.S. Food and Drug Administration has granted Orphan
Drug Designation to Synaptogenix for Bryostatin-1 as a treatment
for Fragile X syndrome. Bryostatin-1 has already undergone testing
in more than 1,500 people in cancer studies, thus creating a large
safety data base that will further inform clinical trial designs.
Additional information about Synaptogenix, Inc. may be found on its
website: www.synaptogen.com .
Forward-Looking
Statements
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking
statements. These forward-looking statements include statements
regarding the anticipated closing date of the private placement and
meeting the customary closing conditions, the Phase 2 clinical
trial of Bryostatin-1 and further studies, and continued
development of use of Bryostatin-1 for AD and other cognitive
diseases. Such forward-looking statements are subject to risks and
uncertainties and other influences, many of which the Company has
no control over. There can be no assurance that the clinical
program for Bryostatin-1 will be successful in demonstrating safety
and/or efficacy, that we will not encounter problems or delays in
clinical development, or that Bryostatin-1 will ever receive
regulatory approval or be successfully commercialized. Actual
results and the timing of certain events and circumstances may
differ materially from those described by the forward-looking
statements as a result of these risks and uncertainties. Additional
factors that may influence or cause actual results to differ
materially from expected or desired results may include, without
limitation, the Company's inability to obtain adequate financing,
the significant length of time associated with drug development and
related insufficient cash flows and resulting illiquidity, the
Company's patent portfolio, the Company's inability to expand its
business, significant government regulation of pharmaceuticals and
the healthcare industry, lack of product diversification,
availability of the Company's raw materials, existing or increased
competition, stock volatility and illiquidity, and the Company's
failure to implement its business plans or strategies. These and
other factors are identified and described in more detail in the
Company's filings with the Securities and Exchange Commission. The
Company does not undertake to update these forward-looking
statements.
Contact:
800-811-5591
ir@synaptogen.com
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SOURCE Synaptogenix, Inc.