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Today, Clene Inc., a pharmaceutical preparations company with a market capitalization of $26 million, announced the entry into an Equity Distribution Agreement with Canaccord Genuity LLC, acting as the placement agent. According to InvestingPro data, the company has been quickly burning through cash, with negative EBITDA of $31.45 million in the last twelve months. Under this agreement, Clene Inc. may offer and sell up to $25 million of its common stock from time to time through Canaccord Genuity.
The sales of common stock will be conducted under Clene Inc.’s previously filed registration statement on Form S-3, which was declared effective on April 25, 2025. The prospectus supplement related to the offering is expected to be filed today.
Canaccord Genuity, which also served as the placement agent for Clene Inc.’s September 2024 offering, will use commercially reasonable efforts to sell the shares on behalf of Clene Inc. They will receive a commission of 3.0% of the gross proceeds from each sale.
The legal opinion of Holland & Knight LLP regarding the validity of the shares being offered is included as part of the SEC filing. This move allows Clene Inc. to potentially raise capital as needed for its operations, leveraging the equity markets.
The company has stated that this report shall not be considered an offer to sell or a solicitation of an offer to buy the common stock. The sale of shares will only be conducted in jurisdictions where such an offer, solicitation, or sale would not be unlawful. InvestingPro analysis suggests the stock is currently undervalued, with additional insights and 8 more ProTips available to subscribers.
The details of this agreement are outlined in the Equity Distribution Agreement, which is attached as an exhibit to the SEC filing. This information is based on a press release statement and the SEC filing by Clene Inc.
In other recent news, Clene Inc. announced the results of its VISIONARY-MS Trial extension study, which observed improvements in multiple sclerosis patients treated with CNM-Au8. These findings suggest benefits in remyelination and neuronal repair, with enhancements in cognition and visual function. Additionally, Clene reported new survival data from the HEALEY ALS Platform Trial, showing that CNM-Au8 may extend survival in ALS patients. The median survival for patients treated with CNM-Au8 was notably longer than for those in the control group. Clene is preparing for a Phase 3 RESTORE-ALS study to further investigate these findings. In financial maneuvers, Clene resolved a $125,000 debt by issuing shares, a strategic move to manage financial obligations. H.C. Wainwright maintained a Buy rating and a $31 price target on Clene stock, showing continued confidence in the company’s prospects. Clene’s financial results revealed a cash position of $12.2 million, expected to support operations until mid-2025. The company continues discussions with the FDA regarding an accelerated approval pathway for CNM-Au8.
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