GRI Bio raises $13.9M in gross proceeds since start of 2024

GRI Bio (GRI) announced that on October 22, 2024 it closed its previously announced transaction involving the exercise of certain existing warrants to purchase an aggregate of 762,236 shares of the Company’s common stock originally issued by GRI Bio in February 2024. The gross proceeds to the Company from the exercise of warrants were approximately $0.8 million, prior to deducting placement agent fees and offering expenses payable by the Company. Including the gross proceeds from this offering, the Company has raised approximately $13.9 million in gross proceeds since the beginning of 2024. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. Marc Hertz, PhD, Chief Executive Officer of GRI Bio, commented, “The proceeds from the financings we have completed since the start of this year have greatly strengthened our balance sheet and are estimated to have provided the necessary funding to advance the development of our lead program into the middle of the first quarter of 2025. With these proceeds in hand and the continued progress toward interim and topline data for our lead program, expected in the coming quarters, we believe we are well positioned to realize the full potential of GRI-0621 to provide significant benefit to IPF patients.”