Genenta Science raises $15 million in ADS offering at $3.50 per share

MILAN/NEW YORK - Immuno-oncology company Genenta Science (NASDAQ:GNTA) has secured approximately $15 million in gross proceeds through a securities purchase agreement with institutional investors, according to a press release statement issued Monday. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 13.2, though it has been quickly burning through cash in recent quarters.

The company sold 4,285,715 American Depositary Shares at $3.50 per ADS. No warrants or other derivative securities were issued in connection with the offering.

Maxim Group LLC is serving as lead placement agent for the transaction, with Rodman & Renshaw LLC acting as co-placement agent. The offering is expected to close on or about Tuesday, subject to customary closing conditions.

Genenta intends to use the net proceeds for working capital and general corporate purposes, the company stated.

The securities are being offered through a shelf registration statement previously filed with the U.S. Securities and Exchange Commission and declared effective in May 2023.

Genenta Science is developing Temferon, a proprietary hematopoietic stem cell therapy for treating various solid tumor cancers. The company has completed a Phase 1 trial for newly diagnosed Glioblastoma Multiforme patients with an unmethylated MGMT gene promoter and has initiated a Phase 1/2a study for metastatic Renal Cell Carcinoma.

The clinical-stage company's treatments are designed as one-time monotherapies with potential for combination with other approved therapeutics.

In other recent news, Genenta Science has announced a strategic collaboration with ANEMOCYTE, focusing on off-the-shelf lentiviral vector Plasmid DNA technology. This partnership builds on the companies' previous relationship in plasmid DNA production. Under the new agreement, Genenta will provide its clinically validated LVV Plasmid DNA technology platform to ANEMOCYTE and its clients. This collaboration is based on research developed by Professor Luigi Naldini, a co-founder of Genenta. The announcement of this strategic collaboration has generated significant interest, as indicated by the notable premarket trading activity. These developments mark a significant step for Genenta Science in expanding its technological offerings and partnerships.

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