Tiziana Life Sciences Ltd (NASDAQ:TLSA) has announced the pricing of a registered direct offering expected to raise up to approximately $17.6 million in gross proceeds, including potential proceeds from attached warrants.
Tiziana said the proceeds from the offering are expected to fund the completion of its Phase 2 clinical trials for non-active secondary progressive multiple sclerosis and multiple system atrophy, as well as support top-line data readouts from both studies.
The company said it is offering 6.4 million ordinary shares at a price of $1.25 per share in a best-efforts registered direct offering conducted without an underwriter or placement agent.
The offering is being made to members of senior management and existing shareholders and is expected to generate gross proceeds of about $8 million before offering-related expenses.
For each ordinary share purchased, investors will receive one warrant to acquire an additional ordinary share at an exercise price of $1.50. The warrants will be exercisable through July 16, 2026, and, if fully exercised, could provide up to approximately $9.6 million in additional gross proceeds.
CEO Ivor Elrifi led the financing, purchasing 2.4 million ordinary shares. Following the transaction, Elrifi’s total ownership increased to 2,757,848 ordinary shares.
Executive chairman and founder Gabriele Cerrone also participated in the offering, acquiring 1.6 million ordinary shares through Panetta Partners, an entity in which he has a beneficial interest. Cerrone’s total holdings now stand at 44,974,830 ordinary shares.
“We are grateful to our dedicated shareholders for their steadfast support during this pivotal time,” Cerrone said in a statement. “Your belief in Tiziana Life Sciences has been instrumental as we push forward to topline data in our clinical trials in na-SPMS and MSA, bringing us closer to potential breakthroughs that could transform lives.”
The offering is expected to close on January 16, 2026, subject to customary closing conditions.