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Silexion Therapeutics Corp (NASDAQ:SLXN), a biopharmaceutical company with a market capitalization of $10.77 million, announced on Monday that it has entered into an agreement to retire a convertible promissory note held by EarlyBirdCapital, Inc. The note, dated August 15, 2024, with a principal amount of $1,250,000, was set to mature on December 31, 2025, and could be converted into ordinary shares at EarlyBirdCapital’s discretion. The company’s stock, currently trading at $1.28, has experienced significant volatility over the past year.
Under the terms of the new agreement, EarlyBirdCapital will retire the outstanding principal and interest of $880,202.20 in exchange for a $400,000 cash payment and the issuance of 277,777 ordinary shares of Silexion Therapeutics. Any remaining balance after these transactions will also be paid by the company. The shares issued to EarlyBirdCapital are part of a previously effective registration statement on Form S-1. According to InvestingPro, the company currently shows a weak financial health score of 1.71, with additional insights available to subscribers.
The transaction was completed with a cash payment on Monday and the issuance of shares on Tuesday. This strategic move by Silexion Therapeutics is part of its financial management efforts, as indicated by the SEC filing. The full details of the agreement are outlined in the Note Conversion Inducement Agreement, which is attached as an exhibit to the SEC filing.
This report is based on information provided in a recent SEC filing by Silexion Therapeutics.
In other recent news, Silexion Therapeutics Corp. announced significant preclinical results for their new drug candidate, SIL-204, targeting KRAS-driven cancers. The company reported that systemic administration of SIL-204 substantially reduced tumor growth in pancreatic cancer models, simulating human cancer progression. The preclinical data revealed a reduction in tumor growth by roughly 50% after 30 days, with about half of the tumors showing complete necrosis. Additionally, a single administration of SIL-204 maintained effective drug concentrations in rat plasma and tissues for over 56 days. These developments highlight the drug’s potential to inhibit several oncogenic KRAS mutations prevalent in various cancers. Mitchell Shirvan, Ph.D., Chief Scientific Officer, emphasized the promising potential of SIL-204 in addressing advanced cancers. Silexion plans to expand its development strategy for KRAS-driven cancers, with further studies to assess the drug’s impact on metastatic progression. The company has previously achieved promising results in a Phase 2 trial with its first-generation product, LODER™, for non-resectable pancreatic cancer. More details about Silexion’s expanded development plan are expected to be disclosed shortly.
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