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Clene Inc. (NASDAQ:CLNN) filed a prospectus supplement Friday for the offering of up to $6.28 million in additional shares of its common stock through an existing equity distribution agreement with Canaccord Genuity LLC as placement agent. The agreement, originally entered into on April 28, 2025, allows Clene to offer and sell shares of its common stock with a total offering price of up to $25 million from time to time. The company’s stock, currently trading at $6.03, has shown strong momentum with a 35% gain over the past six months, according to InvestingPro data.
Prior to this latest filing, Clene had sold approximately $3.71 million in common stock under the agreement. The new prospectus supplement increases the aggregate offering amount to include the additional $6.28 million in shares. This capital raise comes as InvestingPro analysis indicates the company is quickly burning through cash, with negative free cash flow of $17.64 million in the last twelve months.
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 current report. The information is based on a press release statement contained in the company’s Form 8-K filing with the Securities and Exchange Commission.
In other recent news, Clene Inc. has been active with several significant developments. The company announced new preclinical data for its CNM-Au8 treatment for Parkinson’s Disease, which showed promising results in improving mitochondrial health and reducing inflammation, according to a study funded by the Michael J. Fox Foundation. Clene also filed a prospectus supplement to offer and sell up to $2,015,000 of additional shares of its common stock under an existing agreement with Canaccord Genuity, which acts as the placement agent. This comes as part of a larger $25 million authorized sale agreement.
Moreover, Clene recently completed a Type-C meeting with the FDA regarding its ALS treatment, focusing on the statistical analysis plan to evaluate the drug’s effects. Analysts from H.C. Wainwright have maintained a Buy rating with a $31.00 price target for Clene, highlighting the progress of its ALS drug program. Canaccord Genuity also maintained a Buy rating but lowered its price target to $48.00, factoring in the company’s latest earnings and ongoing ALS and MS programs.
These recent developments reflect Clene’s ongoing efforts in advancing its treatment programs while managing its financial strategies through stock offerings.
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