CervoMed (CRVO) has issued an announcement.
CervoMed Inc. has engaged in a $50 million private placement deal, selling over 2.5 million units, each comprising a share or warrant of common stock, paired with a Series A Warrant. The proceeds are earmarked for the development of neflamapimod, working capital, and general corporate purposes, with an expectation to fund operations into late 2025. Morgan Stanley and Canaccord Genuity facilitated the placement, with the potential for an additional $99.4 million if all Series A warrants are exercised. The deal, set to close on April 1, 2024, includes terms to prevent purchasers from exceeding designated ownership thresholds.
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