Nasus Pharma Ltd. (NYSE: NSRX) shares went lower Friday. The Tel Aviv-based company, a clinical-stage pharmaceutical firm focused on the development of innovative intranasal products, today announced the closing of its previously announced private placement of ordinary shares and warrants to purchase ordinary shares for aggregate gross proceeds of approximately $15.0 million, before deducting placement agent fees and other offering expenses.
“We believe this financing strengthens our balance sheet as we advance NS002, our powder-based intranasal epinephrine product candidate, towards a pivotal study and New Drug Application submission while continuing to expand our pipeline of innovative, intranasal, powder-based programs,” said CEO Dan Teleman.
“NS002 is an important step in demonstrating the potential of our platform, and beyond this program we are focused on applying our proprietary intranasal technology across additional therapeutic areas. Our objective is to develop products where intranasal administration could add clinically meaningful value.”
The Warrants have an exercise price of $6.53 per share, are immediately exercisable, and will expire upon the earlier of two years from the date of issuance and 30 trading days following the Company’s announcement of the top-line results of the Company’s NS002 pivotal study.
NSRX shares dived 14 cents, or 2.5%, to $5.46.
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