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Tharimmune, Inc. (NASDAQ:THAR), a company with a market capitalization of $5.7 million, disclosed Monday that it has entered into a securities purchase agreement for a registered direct offering of approximately $5.35 million of its common stock. The company reported the agreement in a statement based on a filing with the U.S. Securities and Exchange Commission.
Under the terms of the offering, Tharimmune will issue 1,188,888 shares of its common stock, or common stock equivalents, at a price of $4.50 per share. The stock has shown remarkable momentum, surging over 550% in the past week alone, according to InvestingPro data. The offering is being conducted under a shelf registration statement on Form S-3, which became effective on March 24, 2023.
The closing of the offering is expected to occur on Tuesday, subject to customary closing conditions.
President Street Global, LLC and RF Lafferty & Co., Inc. are acting as exclusive co-placement agents for the transaction. Tharimmune has agreed to pay the placement agents a cash fee equal to 10% of the gross proceeds from the sale.
Tharimmune’s common stock is listed on the Nasdaq Stock Market under the symbol THAR.
This information is based on a press release statement and an SEC filing by the company.
In other recent news, Tharimmune, Inc. announced positive results from a pharmacokinetic simulation analysis of its lead asset, TH104, a buccal film formulation of nalmefene. The analysis indicated that TH104 could offer protection from respiratory depression approximately 30 minutes after administration, with effects lasting up to 24 hours. This represents a significant advantage over current options like naloxone injection, which typically lasts only 30-90 minutes. Tharimmune has also expanded its intellectual property portfolio, securing new patents in Japan, Mexico, Australia, and the United States for its TH-104 transmucosal film technology, extending protection until at least 2040.
Additionally, Tharimmune has made key leadership changes, appointing Sireesh Appajosyula as Chief Executive Officer and Vincent LoPriore as Executive Chairman. These changes were part of a broader executive restructuring, which included the resignation of former CEO Randy Milby. As part of a settlement agreement, Milby will receive a payment of $133,500 upon the company securing a minimum of $3 million in financing. The leadership changes are accompanied by new compensatory arrangements for the executives, highlighting Tharimmune’s efforts to advance its pipeline and strategic objectives.
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