Polyrizon secures $17 million in private placement

RAANANA, ISRAEL - Polyrizon Ltd. (NASDAQ: PLRZ), an Israeli biotech firm with a current market capitalization of $2.01 million, has announced a private placement agreement with institutional investors, securing approximately $17 million through the sale of Ordinary Shares and investor warrants. The transaction is set to close around April 1, 2025, with Aegis Capital Corp. serving as the exclusive placement agent. According to InvestingPro data, the stock has declined significantly, trading near its 52-week low of $0.45.

The deal involves the sale of 35,416,667 Ordinary Units, priced at $0.48 each, or Pre-Funded Units at $0.47999 per unit, accounting for the exercise price of the pre-funded warrants. Each unit comprises one Ordinary Share or a Pre-Funded Warrant, along with a Series A Warrant that allows the purchase of an additional Ordinary Share at an initial exercise price of $1.20. These Series A Warrants have a 30-month term and can be exercised following shareholder approval.

Polyrizon plans to allocate the net proceeds from this offering, along with its existing cash reserves, towards general corporate purposes and working capital. The securities in this private placement have not been registered under the Securities Act of 1933 and are available only to accredited investors.

The company specializes in developing hydrogel-based medical devices for nasal delivery, aiming to create a protective barrier against viruses and allergens. Their Capture and Contain (C&C) technology is currently in the form of nasal sprays, and they are also developing Trap and Target (T&T) technology for intranasal delivery of pharmaceuticals.

The press release includes forward-looking statements regarding the expected closure of the offering and its potential benefits, but these are not guarantees of future performance and are subject to risks and uncertainties.

This news is based on a press release statement from Polyrizon Ltd. and does not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction.

In other recent news, Polyrizon Ltd. has been actively pursuing several developments in its intranasal drug delivery technologies. The company has announced its clinical strategy for PL-14, an intranasal allergy blocker, with plans to commence clinical trials in the United States and Europe between late 2025 and early 2026. Polyrizon has also initiated preclinical studies for a new intranasal delivery system for Benzodiazepines, targeting acute repetitive seizures. This research involves collaboration with Professor Fabio Sonvico from the University of Parma.

Additionally, Polyrizon has partnered with a biotech company specializing in psychedelic-derived therapeutics to develop an intranasal formulation for psychedelic-based treatments. This collaboration is set to explore the potential of Polyrizon’s hydrogel technology to enhance drug absorption and effectiveness. In another effort, the company is advancing preclinical studies for an intranasal Naloxone formulation, aiming to improve opioid overdose interventions.

These developments demonstrate Polyrizon’s commitment to expanding its intranasal drug delivery platforms, including its Capture and Contain™ and Trap and Target™ technologies. The company emphasizes the potential benefits of these platforms in improving the bioavailability and efficacy of various treatments. These ongoing initiatives reflect Polyrizon’s strategic focus on addressing significant medical needs through innovative delivery methods.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.