GRI Bio, Inc. - GRI STOCK NEWS

GRI Bio, a biotechnology company specializing in Natural Killer T cell modulators for treating inflammatory, fibrotic, and autoimmune diseases, has announced the pricing of a $4 million public offering. This offering includes 2,185,793 shares of common stock or equivalents, Series C-1 and Series C-2 warrants to purchase up to 2,185,793 shares each, all priced at $1.83 per share or equivalent. The Series C-1 warrants will expire five years after the initial exercise date, and the Series C-2 warrants will expire eighteen months after. The offering is expected to close around June 28, 2024. H.C. Wainwright & Co. is acting as the exclusive placement agent. The gross proceeds from the offering could increase by an additional $8 million if all Series Warrants are fully exercised. The net proceeds will be used for product candidate development, working capital, and general corporate purposes.

On June 14, 2024, GRI Bio announced a 1-for-13 reverse stock split, approved by stockholders on June 7, 2024. It will take effect on June 17, 2024, at 4:01 p.m. ET, and GRI's common stock will begin trading on a split-adjusted basis on June 18, 2024, under the ticker 'GRI' with a new CUSIP number 3622AW 304. The split aims to increase the share price to meet Nasdaq's minimum bid price requirement. Post-split, 13 shares will convert into one, reducing outstanding shares from 6,605,271 to around 508,091, while the authorized shares remain unchanged. Fractional shares will be paid in cash. Adjustments will also be made to stock options, warrants, and convertible securities.

GRI Bio (NASDAQ: GRI) will present at the Virtual Investor Pitch Conference on June 18, 2024, at 11:00 AM ET. The company specializes in developing Natural Killer T (NKT) cell modulators for treating inflammatory, fibrotic, and autoimmune diseases. During the event, CEO Marc Hertz, PhD, will deliver an elevator pitch and discuss upcoming milestones. Attendees can submit questions live, with responses given within the allotted time. The live video webcast and a replay available for 90 days can be accessed on GRI Bio's website.

GRI Bio (NASDAQ: GRI) has participated in a Virtual Investor 'What This Means' segment, showcasing positive preclinical data from its Idiopathic Pulmonary Fibrosis (IPF) and Systemic Lupus Erythematosus (SLE) programs. The data was presented at the 2024 American Thoracic Society International Conference and the 14th International Congress on Autoimmunity.

Key personnel, including CEO Marc Hertz, discussed the implications of these findings for the company's IPF program (GRI-0621) and SLE development programs (GRI-0803 and GRI-0124). The company reiterated 2024 as a pivotal year, with significant milestones expected, such as interim and topline results from Phase 2a biomarker studies for GRI-0621, and completion of IND-enabling studies and initial clinical trials for GRI-0803.

The Virtual Investor segment is now available online for further insights.

GRI Bio presented promising preclinical data on its NKT cell modulators, GRI-0803 and GRI-0124, at the 14th International Congress on Autoimmunity. The data showed significant potential in treating Systemic Lupus Erythematosus (SLE), with observed inhibition of lupus nephritis and improved survival rates in murine models. GRI-0803, set for an IND filing in Q3 2024 with topline data expected by Q4 2024, demonstrated favorable solubility, bioavailability, and a lack of toxicology concerns, positioning it as a potential game-changer in SLE treatment. The company aims to complete bioanalytical methods validation, cGMP manufacturing, and toxicology studies to progress towards clinical trials.

GRI Bio announced positive preclinical data for its lead program GRI-0621 in treating Idiopathic Pulmonary Fibrosis (IPF). The data, presented at the 2024 ATS International Conference, showed that GRI-0621 significantly reduced fibrosis and lung inflammation in a mouse model by inhibiting type 1 invariant Natural Killer T (iNKT) cell activity. The company is advancing to a Phase 2a biomarker study, with interim data expected in Q3 2024 and topline results in Q4 2024. This study will evaluate the safety, tolerability, and biomarker effects of GRI-0621 in IPF patients.

GRI-0621's mechanism involves inhibiting iNKT cells, which are pivotal in the early stages of fibrotic disease. Existing IPF treatments are and come with significant side effects, making GRI-0621 a promising candidate. GRI Bio aims to leverage the 505(b)(2) regulatory pathway to accelerate the drug's development.

GRI Bio, a biotechnology company listed on NASDAQ under the ticker GRI, will present at Alliance Global Partner’s 2024 Healthcare Company Showcase. The event is scheduled for May 21, 2024, at 2:40 PM ET. The company specializes in developing Natural Killer T (NKT) cell modulators to treat inflammatory, fibrotic, and autoimmune diseases. Marc Hertz, PhD, CEO of GRI Bio, will participate in a live webcast fireside chat. This event can be accessed through the Investors section on GRI Bio's website.

GRI Bio, Inc. reported its first quarter financial results for 2024, highlighting the progress of their lead programs GRI-0621 for Idiopathic Pulmonary Fibrosis and GRI-0803 for Systemic Lupus Erythematosus. The company is focused on advancing innovative NKT cell modulators for various diseases. The financial results showed a net loss of $1.9 million, with research and development expenses increasing compared to the previous year. GRI Bio closed a public offering in February 2024, raising $5.5 million to support ongoing operations.

GRI Bio, Inc. (NASDAQ: GRI) announced that its abstracts have been accepted for presentation at the 14th International Congress on Autoimmunity. The company will discuss innovative treatments for inflammatory, fibrotic, and autoimmune diseases, with presentations by Chief Scientific Officer, Vipin Kumar Chaturvedi. The event will take place in Ljubljana, Slovenia on May 17-20, 2024.