Lucosky Brookman LLP served as U.S. Counsel to Scinai Immunotherapeutics Ltd. (Nasdaq: SCNI) in connection with its approximately $4 million financing through a private placement and warrant inducement transaction.
The financing includes a securities purchase agreement with an existing life sciences institutional investor for the purchase of 2,458,334 American Depositary Shares (ADSs), or pre-funded warrants in lieu thereof, together with accompanying warrants. The Company also entered into a warrant inducement agreement with the same investor for the immediate cash exercise of previously issued warrants at a reduced exercise price of $1.20 per ADS.
The transactions are expected to generate aggregate gross proceeds of approximately $4 million, before deducting placement agent fees and expenses, excluding any potential proceeds from future warrant exercises. A.G.P./Alliance Global Partners is acting as sole placement agent.
Scinai intends to use the net proceeds to support the expansion of its contract development and manufacturing organization (CDMO) platform, advance customer programs, and continue selective investment in its immunotherapy pipeline.
Lucosky Brookman LLP served as U.S. Counsel to Scinai Immunotherapeutics Ltd. in connection with the financing.
