Scinai Immunotherapeutics (SCNI) has released an update.
Scinai Immunotherapeutics Ltd., a biopharmaceutical company, has secured a $2 million investment commitment from its largest shareholder, RK Stone Miami LLC. Under the agreement, Scinai may sell shares to the investor until the end of 2024 at a discounted price, with the flexibility to issue shares based on market prices and a limit on shareholder ownership percentages. The deal, which includes a commitment fee and does not necessitate resale registration, strengthens Scinai’s financial position as it continues to develop immunological therapies and provide CDMO services.
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