Tiziana Life Sciences Ltd (NASDAQ:TLSA) announced that it has secured up to $10 million in funding through a registered direct offering.
The offering includes an initial investment of approximately $5 million raised through the sale of 5,263,158 common shares at $0.95 each, with closing expected around November 1.
The agreement also includes an option allowing the investor to acquire an additional 5,263,158 shares at the same price within 75 days, potentially bringing in another $5 million.
The funds raised will be used to advance Tiziana’s clinical pipeline, primarily focusing on the Phase 2a trial of intranasal foralumab in treating non-active secondary progressive multiple sclerosis (MS).
The proceeds will also be used to fast-track the development of foralumab for Alzheimer’s disease and explore new therapeutic indications for the drug, while also supporting general corporate needs.
Titan Partners Group, a division of American Capital Partners, is the exclusive placement agent for this transaction.
Tiziana is a clinical-stage biopharmaceutical company focused on developing innovative immunomodulation therapies, including intranasal foralumab, for diseases like MS and Alzheimer's.