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The company also agreed to issue two new unregistered warrants to the investor, each allowing the purchase of 735,295 shares, totaling 1,470,590 shares, at an exercise price of $1.91 per share. One of these warrants will be valid for five years, while the other will have an eighteen-month term. Both are exercisable immediately upon issuance.
A.G.P./Alliance Global Partners (NYSE:GLP) served as the exclusive financial advisor for the offering. The anticipated closing date for the transaction is no later than February 21, 2024, pending customary closing conditions. Hepion intends to allocate the net proceeds towards general corporate purposes.
Additionally, Hepion has committed to file a registration statement with the Securities and Exchange Commission for the resale of the shares of common stock issuable upon the exercise of the new warrants. In connection with the offering, the terms of the October 2023 Series A common stock purchase warrant will be amended to reduce its exercise price to $1.91 per share and extend its expiration to February 2029.
Hepion’s leading drug candidate, rencofilstat, has received Fast Track designation from the U.S. Food and Drug Administration for the treatment of non-alcoholic steatohepatitis (NASH) and Orphan Drug designation for hepatocellular carcinoma (HCC). The company leverages artificial intelligence and machine learning to enhance its drug development process.
This press release is based on a press release statement and contains forward-looking statements subject to risks and uncertainties, including the impact of competitive products, patent issues, clinical trial outcomes, and regulatory approval processes.
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