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LA JOLLA, CA - GRI Bio, Inc. (NASDAQ: GRI), a biotechnology firm focused on Natural Killer T cell modulators, has announced the pricing of its public offering. The announcement comes as the stock trades at $4.71, having declined over 52% in the past week according to InvestingPro data. The offering consists of 1,388,888 shares of common stock and corresponding Series Warrants, with an aggregate gross proceeds expectation of approximately $5 million before fees and expenses. The offering represents a significant capital raise for the company, which currently maintains a market capitalization of $2.83 million.
The combined public offering price is set at $3.60 per share, including Series E-1, E-2, and E-3 warrants, exercisable immediately upon issuance at $3.20 per share. The Series E-1 warrants will expire five years post-issuance, E-2 warrants in eighteen months, and E-3 warrants in nine months. The closing date is anticipated on or about April 2, 2025, contingent on customary closing conditions.
H.C. Wainwright & Co. is the exclusive placement agent for the offering. If all Series Warrants are exercised in cash, potential additional gross proceeds could reach approximately $13.3 million. However, there is no guarantee that any Series Warrants will be exercised.
The net proceeds from this offering are intended for product candidate development, working capital, and general corporate purposes. The offering is made under a registration statement declared effective by the Securities and Exchange Commission (SEC) on April 1, 2025.
GRI Bio’s lead program, GRI-0621, targets idiopathic pulmonary fibrosis, and the company is also developing treatments for systemic lupus erythematosus. While the company maintains strong liquidity with a current ratio of 3.43, InvestingPro analysis indicates the stock is currently undervalued. The announcement is based on a press release statement and does not serve as an offer to sell or a solicitation of an offer to buy securities. Discover 10 additional exclusive insights about GRI Bio with an InvestingPro subscription.
In other recent news, GRI Bio, Inc. announced interim safety results from its Phase 2a study of GRI-0621, a potential treatment for Idiopathic Pulmonary Fibrosis (IPF). The Independent Data Monitoring Committee recommended the trial continue without changes, as no safety concerns were identified. GRI Bio also secured two global patents for its Natural Killer T (NKT) cell modulators, which strengthen its intellectual property portfolio. These patents are expected to support the company’s efforts in addressing inflammatory, fibrotic, and autoimmune diseases. Additionally, GRI Bio has regained compliance with the Nasdaq minimum bid price requirement, ensuring its continued listing on the exchange. The company recently held a virtual meeting where stockholders approved a reverse stock split of its common stock, aimed at potentially increasing the per-share trading price. This decision could enhance market interest and further compliance with Nasdaq’s listing standards. The board of directors has the discretion to determine the exact ratio for the reverse stock split. These developments reflect GRI Bio’s ongoing strategic initiatives and advancements in its therapeutic pipeline.
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