Reglagene, Inc. announces closing of $5.4 million private placement
We’re proud to share the news that Reglagene has completed a $5.4M private placement of its convertible preferred stock. With the support of our investors and partners, we’re well equipped to take the next steps in the development of our orally administered therapy, RGN6024. Read the full press release below or on the EIN PressWire.
TUCSON, ARIZONA, USA, December 19, 2023 /EINPresswire.com/ -- REGLAGENE, INC. ANNOUNCES CLOSING OF $5.4 MILLION PRIVATE PLACEMENT
Reglagene, Inc. (reglagene.com), a pioneering therapeutics company at the forefront of developing breakthrough therapies for brain diseases utilizing small molecule medicines that cross the blood-brain barrier to treat high grade gliomas and other cancers, today announced that it has closed its non-brokered private placement of convertible preferred stock. The offering, which was oversubscribed, resulted in aggregate gross proceeds to the company of $5.4 million, which included principal and interest from convertible debt instruments issued in June 2021 that were automatically converted.
“The inability of previous therapies to penetrate the blood-brain barrier has long been a roadblock in the search for new therapies to treat brain diseases. Reglagene addresses this problem and paves the way for effective therapies that would offer brain cancer patients new hope.” -Richard Austin, CEO
The private placement included participation from management, and from accredited investors including Desert Angels, the Cancer Fund, Tech Coast Angels, Angel Star Ventures, and Viva BioInnovator.
Proceeds from the transaction will be used to complete selection of the clinical development medicine for the treatment of brain cancers, to complete toxicology and drug disposition studies to confirm the safety and to determine how organisms process the therapy, to initiate regulatory and clinical trial planning, and to conduct research and development to expand the product pipeline to neuroinflammatory and ocular diseases.
Qaizar Hassonjee, Founding Board Member of Angel Star Ventures, said, “Angel Star Ventures (ASV) is thrilled to be part of Reglagene's transformative journey. Reglagene’s innovative solutions and commitment to overcoming critical challenges in brain disease treatment align perfectly with our investment philosophy. ASV members look forward to contributing to Reglagene’s success and witnessing the positive impact on patients' lives.”
Commenting on the transaction, Reglagene Chief Executive Officer Richard Austin, Ph.D., MBA, said, “The inability of previous therapies to penetrate the blood-brain barrier has long been a roadblock in the search for new therapies to treat brain diseases. Reglagene addresses this problem and paves the way for effective therapies that would offer brain cancer patients new hope. We are appreciative of the strong support we’ve received from investors. We believe that this support will provide sufficient capital to confirm the utility and safety of our innovative therapy, prepare for a pre-Investigational New Drug (IND) meeting with the FDA, and optimize and scale up manufacturing for our lead asset.”
About Reglagene, Inc.
Reglagene, Inc. is a ground-breaking therapeutics company designing small-molecule treatments that will pass through the blood-brain barrier. With brain cancer survival rates at barely a year using current treatment methods, Reglagene’s new medicine and others in its portfolio are poised to revolutionize the care of high-grade gliomas, metastatic brain cancers and neurological disorders. The firm’s core expertise lies in the design and development of brain-penetrant medicines, allowing them to confront these diseases head-on. Connect with Reglagene at www.reglagene.com and follow the company on LinkedIn at https://www.linkedin.com/company/reglagene/.
Forward-Looking Statements
Certain statements in this press release that are not statements of historical or current fact may constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of Reglagene (the “Company”) to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. The forward-looking statements in this press release, including statements regarding the Company's anticipated use of proceeds from the private placement, the potential effectiveness of the Company’s therapeutic treatments for brain diseases, or the potential for FDA approval of the Company’s therapeutics are based upon the Company’s current expectations and involve assumptions that may never materialize or that may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, including, without limitation: (i) the success and timing of regulatory submissions; (ii) regulatory requirements; (iii) changes to clinical trial designs and regulatory pathways; (iv) legislative, regulatory, political and economic developments; and (v) actual costs associated with the Company’s clinical trials as compared to management's current expectations. All forward-looking statements contained in this press release speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable securities laws.
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FOR MORE INFORMATION
For Reglagene:
Michael Abrahamson, Director of Operations
abrahamson@reglagene.com
520.352.9599
For Media:
Jim Donahue
NüPOINT
jdonahue@nupointmarketing.com
302.367.6929
Source:
Reglagene, Inc., 3320 N. Campbell Ave., Suite 200, Tucson, AZ 85719