Scinai Immunotherapeutics (SCNI) has released an update.
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Scinai Immunotherapeutics Ltd. has restructured its financial agreement with the European Investment Bank, converting around $29 million of debt into preferred equity, which could potentially result in nearly 20% common equity for the bank. This strategic financial move is expected to solidify Scinai’s financial footing and aid in their mission to develop new treatments for inflammatory and immunological diseases. The transaction is set to close following standard conditions, removing nearly $28 million of debt from Scinai’s books.
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