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LOS ANGELES, CA - (NewMediaWire) - October 11, 2024 - Clene (NASDAQ: CLNN) and its wholly owned subsidiary, Clene Nanomedicine Inc., a late clinical-stage biopharmaceutical company focused on improving mitochondrial health and protecting neuronal function to treat neurodegenerative diseases, including amyotrophic lateral sclerosis ("ALS") multiple sclerosis ("MS") and Parkinson's Disease ("PD"), announced the successful closing of a $7.3 million registered direct offering and concurrent private placements, designed to boost its capital position during a crucial phase in its on-going operations.
- Proceeds from the offerings will support the company's operations into the first quarter of 2025.
- Clene also amended its existing debt facility with Avenue Venture Opportunities Fund, L.P. to reduce or defer future monthly principal payments and to extend principal amortization period and the final maturity date into the first half of 2025.
- The company's lead drug candidate, CNM-Au8(R) has been shown to restore and protect neurological function, offering new hope for patients with ALS and other neurodegenerative conditions.
- Clene is seeking an accelerated approval pathway for CNM-Au8 for ALS, with a meeting scheduled with the FDA before the end of November.
The registered direct offering and concurrent private placements of common stock and warrants with a healthcare-focused institutional investor and existing shareholders, including insiders, brought total gross proceeds of $7.3 million, with the potential for additional capital in the future through the exercise of
Forward-Looking Statements
Certain statements in this article are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management's control, including the risks set forth under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of the Company's most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of the Company's Quarterly Reports on Form 10-Q and in the Company's other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this article in making an investment decision, which are based on information available to us on the date hereof. All parties undertake no duty to update this information unless required by law.