Nasus Pharma completes $15 million private placement

Nasus Pharma Ltd. (NYSE: NSRX) announced the closing of a private placement that raised $15.0 million in gross proceeds before fees and expenses.

The clinical-stage pharmaceutical company sold 2,695,425 ordinary shares and accompanying warrants to purchase the same number of shares at a combined price of $5.565 per share and warrant. The warrants carry an exercise price of $6.53 per share and expire within two years of issuance or 30 trading days after the company announces top-line results from its NS002 pivotal study, whichever comes first.

Citizens Capital Markets served as lead placement agent, with Laidlaw & Company (UK) Ltd. acting as co-placement agent for the transaction.

The company plans to use the net proceeds to advance pivotal clinical development of NS002, an intranasal epinephrine product candidate for anaphylaxis treatment, initiate first-in-human studies for other pipeline products, and fund working capital and general corporate purposes.

"This financing strengthens our balance sheet as we advance NS002 towards a pivotal study and New Drug Application submission while continuing to expand our pipeline," said Dan Teleman, chief executive officer.

The securities were priced at a premium to Nasus Pharma's last closing price on the NYSE American before the agreement was signed. The shares and warrants were sold under an exemption from Securities Act registration requirements.

Nasus Pharma has agreed to file a registration statement with the Securities and Exchange Commission to register the resale of the ordinary shares and shares issuable upon warrant exercise.

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