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Clene Inc. (NASDAQ:CLNN), currently trading at $3.90 per share with a market capitalization of $35.48 million, announced Thursday that it has filed a prospectus supplement to offer and sell up to $2,015,000 of additional shares of its common stock. The offering is being conducted under an existing equity distribution agreement with Canaccord Genuity LLC, which acts as placement agent.InvestingPro analysis indicates the company has been quickly burning through cash, with analysts setting price targets ranging from $20 to $33, suggesting significant upside potential despite current financial challenges.
According to a statement included in a U.S. Securities and Exchange Commission filing, the company previously sold approximately $1,713,263 of its common stock under the same agreement. The total aggregate amount authorized for sale through the agreement is $25 million. This capital raising effort comes as the company faces profitability challenges, with InvestingPro data showing negative earnings and EBITDA in the last twelve months.
The prospectus supplement filing allows Clene to issue and sell shares of its $0.0001 par value common stock from time to time, as determined by the company and the placement agent. The company’s common stock and warrants are listed on the Nasdaq Capital Market under the symbols CLNN and CLNNW, respectively.
A legal opinion from Holland & Knight LLP regarding the validity of the shares offered was filed as an exhibit to the SEC report.
This information is based on a press release statement made in the company’s SEC filing.
In other recent news, Clene Inc. has completed a Type-C meeting with the FDA regarding its CNM-Au8 treatment for amyotrophic lateral sclerosis (ALS). The meeting focused on the statistical analysis plan for neurofilament light (NfL) biomarker data, a predictive marker for ALS progression. Clene has revised and resubmitted this plan, expecting acceptance this summer, with biomarker analyses planned for the fourth quarter of 2025. H.C. Wainwright has maintained a Buy rating for Clene, setting a price target of $31.00, following updates on the company’s ALS drug development. Additionally, Clene announced an agreement with Canaccord Genuity LLC for an Equity Distribution Agreement, potentially raising up to $25 million through common stock sales. In other developments, Clene reported promising improvements in multiple sclerosis (MS) patients from its VISIONARY-MS trial, suggesting neuronal repair and remyelination. These findings were presented at the AAN 2025 Annual Meeting, highlighting significant enhancements in cognition and visual function. Clene plans further discussions with the FDA in the third quarter of 2025 to review long-term survival data and discuss results from its MS clinical trials.
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