Result of TO announced: 9.1M + 3M from May
CytoDyn Raises over $12 Million in New Capital from Private and Public Warrant Offers in the Last Five Weeks with Minimum Dilution
VANCOUVER, Washington, June 14, 2019 (GLOBE NEWSWIRE) -- CytoDyn Inc. (OTC.QB: CYDY), (“CytoDyn” or the “Company”), a late-stage biotechnology company developing leronlimab (PRO 140), a CCR5 antagonist with the potential for multiple therapeutic indications announced today that it raised approximately $9.1 million from its recently completed public warrant tender offer. Combined with $3 million raised from a private warrant exercise offer in May, new capital injected on a gross basis in the last five weeks now totals over $12 million with only about 15 million shares of dilution.
“When evaluating the advancement of leronlimab, we continue to be very excited on several fronts, including:
The completion of our first BLA submission in the third quarter of this year, as a combination therapy for HIV
The recent submission to the FDA of a protocol for a pivotal trial for a monotherapy indication as a label expansion after potential first approval
The evaluation of multiple potential indications for leronlimab in cancer, GvHD and NASH
These evolving prospects present many potential pathways to leverage the capabilities of leronlimab. The level of investor participation in the recent capital raises brings credence to our mission. The warrant tender offers present an efficient means to continue to engage our current shareholder base while minimizing the potentially dilutive impact of other sources of capital. This and other funding platforms (licensing/partnering opportunities) will continue to be explored by CytoDyn for the remainder of 2019,” added Dr. Nader Pourhassan, CytoDyn’s President and Chief Executive Officer.
“In addition to these developments, CytoDyn is about to enter the world of cancer therapeutics with the long-awaited first patient injection for TNBC approaching. We continue our product-readiness planning with Samsung BioLogics and look forward to preparing for our future with the objectives of benefiting patients and rewarding our shareholders,” concluded Dr. Nader Pourhassan.
