Entero Therapeutics Secures $2 Million Revolving Loan; Appoints Three New Board Members
Entero Therapeutics (NASDAQ: ENTO) has secured a $2 million revolving loan agreement and appointed three new Board members. The loan agreement required the replacement of three out of five Board members with directors designated by the lender. James Sapirstein, Alastair Riddell, and Timothy Ramdeen have resigned from the Board.
The new appointees are: Richard Paolone, a Toronto-based securities lawyer; Eric Corbett, a managing director with capital markets experience; and Manpreet Uppal, a professional with capital markets and real estate expertise. The financing aims to strengthen the company's balance sheet and provide working capital while bridging to an anticipated subsequent public offering.
Entero Therapeutics (NASDAQ: ENTO) ha ottenuto un accordo di prestito revolving di 2 milioni di dollari e ha nominato tre nuovi membri del Consiglio di Amministrazione. L'accordo di prestito ha richiesto la sostituzione di tre membri su cinque del Consiglio con direttori designati dal prestatore. James Sapirstein, Alastair Riddell e Timothy Ramdeen si sono dimessi dal Consiglio.
I nuovi nominati sono: Richard Paolone, un avvocato specializzato in titoli con sede a Toronto; Eric Corbett, un direttore generale con esperienza nei mercati dei capitali; e Manpreet Uppal, un professionista con competenze nei mercati dei capitali e nel settore immobiliare. Il finanziamento mira a rafforzare il bilancio dell'azienda e fornire capitale operativo, mentre si prepara a un'anticipata successiva offerta pubblica.
Entero Therapeutics (NASDAQ: ENTO) ha obtenido un acuerdo de préstamo revolving de 2 millones de dólares y ha nombrado a tres nuevos miembros de la Junta Directiva. El acuerdo de préstamo requería la sustitución de tres de los cinco miembros de la Junta por directores designados por el prestamista. James Sapirstein, Alastair Riddell y Timothy Ramdeen han renunciado a la Junta.
Los nuevos nombrados son: Richard Paolone, un abogado especializado en valores con sede en Toronto; Eric Corbett, un director general con experiencia en mercados de capitales; y Manpreet Uppal, un profesional con conocimientos en mercados de capitales y bienes raíces. El financiamiento tiene como objetivo fortalecer el balance de la empresa y proporcionar capital de trabajo mientras se espera una futura oferta pública.
Entero Therapeutics (NASDAQ: ENTO)는 200만 달러 회전 대출 계약을 확보하고 세 명의 새로운 이사를 임명했습니다. 대출 계약은 대출자가 지정한 이사로 이사회 구성원 5명 중 3명의 교체를 요구했습니다. James Sapirstein, Alastair Riddell 및 Timothy Ramdeen이 이사회에서 사임했습니다.
새로 임명된 이사는: Richard Paolone, 토론토 기반의 증권 변호사; Eric Corbett, 자본 시장 경험이 있는 전무 이사; Manpreet Uppal, 자본 시장 및 부동산 전문 지식을 가진 전문가입니다. 이 자금 조달은 회사의 재무 상태를 강화하고 운영 자본을 제공하며 예상되는 이후의 공모에 다리를 놓는 것을 목표로 합니다.
Entero Therapeutics (NASDAQ: ENTO) a sécurisé un accord de prêt revolving de 2 millions de dollars et a nommé trois nouveaux membres au Conseil d'Administration. L'accord de prêt nécessitait le remplacement de trois des cinq membres du Conseil par des administrateurs désignés par le prêteur. James Sapirstein, Alastair Riddell et Timothy Ramdeen ont démissionné du Conseil.
Les nouvelles nominations sont : Richard Paolone, un avocat en valeurs mobilières basé à Toronto ; Eric Corbett, un directeur général ayant de l'expérience sur les marchés de capitaux ; et Manpreet Uppal, un professionnel ayant une expertise dans les marchés de capitaux et l'immobilier. Ce financement vise à renforcer le bilan de l'entreprise et à fournir du fonds de roulement tout en faisant le lien avec une future offre publique anticipée.
Entero Therapeutics (NASDAQ: ENTO) hat eine 2 Millionen Dollar revolving Kreditvereinbarung erhalten und drei neue Mitglieder des Vorstands ernannt. Die Kreditvereinbarung erforderte den Austausch von drei der fünf Vorstandsmitglieder durch vom Kreditgeber benannte Direktoren. James Sapirstein, Alastair Riddell und Timothy Ramdeen haben aus dem Vorstand resigniert.
Die neuen Mitglieder sind: Richard Paolone, ein in Toronto ansässiger Wertpapieranwalt; Eric Corbett, ein Geschäftsführer mit Erfahrung im Kapitalmarkt; und Manpreet Uppal, ein Fachmann mit Fachkenntnissen im Kapitalmarkt und in der Immobilienwirtschaft. Die Finanzierung zielt darauf ab, die Bilanz des Unternehmens zu stärken und Betriebskapital bereitzustellen, während man sich auf ein erwartetes zukünftiges öffentliches Angebot vorbereitet.
- Secured $2 million revolving loan for working capital
- Addition of three board members with capital markets and finance expertise
- Forced board restructuring as condition of loan agreement
- Pending need for subsequent public offering indicates potential future dilution
- Departure of three existing board members including CEO from board position
BOCA RATON, Fla., Feb. 07, 2025 (GLOBE NEWSWIRE) -- Entero Therapeutics, Inc. (Nasdaq: ENTO) (“Entero” or the “Company”), a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, announced today that it has secured a
As a condition for the loan, Entero replaced three of five members of its Board of Directors with three new directors designated by the lender. These appointments follow the resignations of James Sapirstein, Alastair Riddell and Timothy Ramdeen from the Board. Richard Paolone, a Toronto-based securities lawyer with leadership experience at public and private companies, joins the Board alongside Eric Corbett, a managing director with experience in capital markets and corporate finance advisory services, and Manpreet Uppal, a seasoned professional with experience in capital markets and real estate.
James Sapirstein, CEO of Entero, commented on the developments, stating, “Securing this financing is key to strengthening our balance sheet and provides the working capital to support our operations while bridging us to the anticipated completion of a subsequent public offering. I am also pleased to welcome Richard, Eric and Manpreet to our Board, whose diverse expertise and leadership experience will be invaluable as we continue to develop our GI program and drive value for our shareholders. I would like to extend my sincere thanks to Alastair and Timothy for their guidance and contributions to Entero. We are excited about the opportunities that lie ahead and confident that Entero is well-positioned for future success.”
For more information about Entero Therapeutics, visit www.enterothera.com and connect on X and LinkedIn.
About Entero Therapeutics
Entero Therapeutics, Inc., is a late clinical-stage biopharmaceutical company focused on the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases. The Company’s programs address significant unmet needs in GI health and include: latiglutenase, potentially first-in-class, targeted, oral biotherapeutic for celiac disease; capeserod, a selective 5-HT4 receptor partial agonist for indications including gastroparesis; and adrulipase, a recombinant lipase enzyme designed to enable the digestion of fats and other nutrients in cystic fibrosis and chronic pancreatitis patients with exocrine pancreatic insufficiency. For more information visit www.enterothera.com.
Forward-Looking Statements
This press release may contain certain statements relating to future results which are forward-looking statements. It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements, depending on factors including whether the Proposed Merger may be completed, completed with different terms, in an untimely manner, or not at all; whether the Company and Journey will be able to receive the requisite approvals of stockholders and regulatory authorities to consummate the Proposed Merger; whether the Company will be able to realize the expected benefits, or any benefits, from the Proposed Merger; whether the Company will be able to satisfy its outstanding obligations as they become due; whether the Company will be able to raise additional funds to satisfy its capital needs, including whether it can obtain the requisite financing to consummate the Proposed Merger; whether the Company will be able to realize the expected benefits of its acquisition of ImmunogenX; the Company’s ability to integrate the assets and operations acquired from ImmunogenX into the Company’s business; whether results obtained in preclinical and nonclinical studies and clinical trials will be indicative of results obtained in future clinical trials; whether preliminary or interim results from a clinical trial will be indicative of the final results of the trial; whether the Company will be able to maintain compliance with applicable Nasdaq listing criteria and the effect of a delisting from Nasdaq on the market for the Company’s securities; the size of the potential markets for the Company’s drug candidates and its ability to service those markets; the effects of the First Wave Bio, Inc. acquisition, the related settlement and their effect on the Company’s business, operating results and financial prospects; and the Company’s current and future capital requirements and its ability to raise additional funds to satisfy its capital needs. Additional information concerning the Company and its business, including a discussion of factors that could materially affect the Company’s financial results are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 29, 2024, as well as the Company’s subsequent filings with the SEC, including its proxy statements on Schedule 14A, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
For more information:
Entero Therapeutics, Inc.
777 Yamato Road, Suite 502
Boca Raton, FL 33431
Phone: (561) 589-7020
info@enterothera.com
Investor contact information:
Entero Investor Relations
investors@enterothera.com
FAQ
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