Welcome to our dedicated page for MyMD Pharmaceuticals news (Ticker: $MYMD), a resource for investors and traders seeking the latest updates and insights on MyMD Pharmaceuticals stock.
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MyMD Pharmaceuticals has secured up to $42 million in strategic investments through two private placement funding rounds. The first round raised $7 million from PharmaCyte Biotech, while the second round secured another $7 million from existing shareholders. These financings involve Series G and Series F-1 Preferred Stock, both convertible to MYMD common stock, with accompanying warrants. The closings are anticipated around May 22, 2024. The Series G Preferred Stock includes 7,000 shares with a $1,000 per share value, and Series F-1 includes 5,050 shares. The funds are expected to support MyMD's clinical studies on MYMD-1 for sarcopenia over the next two years. The full conversion and warrant exercise are subject to stockholder approval.
PharmaCyte Biotech has announced a $7 million strategic investment in MyMD Pharmaceuticals, a company focused on treating inflammatory diseases, age-related conditions, and autoimmune disorders. This investment is part of PharmaCyte's strategy to leverage its $65 million cash position to enhance stockholder value. MyMD's lead product, MYMD-1, has shown promising results in a Phase 2 clinical trial for sarcopenia, and the company plans to move forward with further clinical studies in collaboration with the FDA. Both companies express optimism about the potential for future collaboration and the benefits of combining their expertise and resources.
