Tiziana Life Sciences Ltd (NASDAQ:TLSA) announced that it has closed an $8.8 million equity financing backed by its senior leadership and existing shareholders, as the biotechnology company moves to advance late-stage clinical development of its lead drug candidate.
The company said on Friday after than it has completed its previously disclosed company best efforts registered direct offering of 7,040,000 ordinary shares at a price of $1.25 per share.
The offering was conducted without an underwriter or placement agent and was made to members of senior management and existing shareholders.
Gross proceeds from the offering totaled $8.8 million, before estimated offering expenses. For each ordinary share subscribed, investors also received one warrant to purchase an additional ordinary share at an exercise price of $1.50. The warrants are exercisable through July 16, 2026, and could generate up to approximately $10.56 million in additional gross proceeds if fully exercised.
The financing was led by Tiziana’s CEO Ivor Elrifi, who purchased 2,400,000 ordinary shares, increasing his total holdings to 2,757,848 ordinary shares. Executive Chairman and founder Gabriele Cerrone purchased 1,600,000 ordinary shares through Panetta Partners, an entity in which he has a beneficial interest, bringing his total holdings to 44,974,830 ordinary shares.
Tiziana said the proceeds from the offering will be used to complete its Phase 2 clinical trials in non-active secondary progressive multiple sclerosis and multiple system atrophy, and to support the release of top-line data from both studies.