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Eloxx Pharmaceuticals, Inc. (NASDAQ:ELOX), a leader in ribosomal RNA-targeted genetic therapies for rare diseases, today announced that it has entered into a definitive agreement for the issuance and sale of an aggregate of 380,590 of its shares of common stock (or common stock equivalents in lieu thereof) at a purchase price of $5.255 per share (or common stock equivalent in lieu thereof) in a registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, Eloxx has also agreed to issue and sell unregistered warrants to purchase up to an aggregate of 380,590 of its shares of common stock. The warrants will have an exercise price $5.13 per share, will become exercisable immediately upon issuance and have a term of five and one-half years from the date of issuance. The offering is expected to close on or about September 20, 2023, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds to Eloxx from the offering are expected to be approximately $2 million, before deducting the placement agent's fees and other offering expenses payable by Eloxx. Eloxx currently intends to use the net proceeds from the offering to advance ELX-02, being developed for the treatment of Alport syndrome with nonsense mutations and other rare proteinuric kidney diseases, progress the development of ZKN-013, fund discovery efforts for the company's TURBO-ZM™ platform, working capital and general corporate purposes.
Posted In: ELOX
