Polyrizon Announces Closing of $4.2 Million Initial Public Offering
Polyrizon (PLRZ) has successfully closed its initial public offering (IPO) of 958,903 units at $4.38 per unit, raising gross proceeds of $4.2 million. Each unit consists of one ordinary share and three warrants, with each warrant exercisable at $4.38 per share. The company granted Aegis Capital Corp. a 45-day option to purchase up to 143,835 additional units for over-allotments, potentially increasing total gross proceeds to $4.82 million. Proceeds will fund preclinical and clinical development, research, debt repayment, working capital, and possible acquisitions.
Polyrizon (PLRZ) ha concluso con successo la sua offerta pubblica iniziale (IPO) di 958.903 unità a 4,38 dollari per unità, raccogliendo un introito lordo di 4,2 milioni di dollari. Ogni unità è composta da un'azione ordinaria e tre warrant, ciascun warrant esercitabile a 4,38 dollari per azione. L’azienda ha concesso ad Aegis Capital Corp. un'opzione di 45 giorni per acquistare fino a 143.835 unità aggiuntive per sovrallocazioni, aumentando potenzialmente l'introito lordo totale a 4,82 milioni di dollari. Le entrate finanzieranno lo sviluppo preclinico e clinico, la ricerca, il rimborso del debito, il capitale circolante e possibili acquisizioni.
Polyrizon (PLRZ) ha cerrado con éxito su oferta pública inicial (IPO) de 958,903 unidades a 4.38 dólares por unidad, recaudando ingresos brutos de 4.2 millones de dólares. Cada unidad consiste en una acción ordinaria y tres warrants, siendo cada warrant ejercitable a 4.38 dólares por acción. La empresa otorgó a Aegis Capital Corp. una opción de 45 días para comprar hasta 143,835 unidades adicionales para sobreasignaciones, lo que podría aumentar los ingresos brutos totales a 4.82 millones de dólares. Los ingresos financiarán el desarrollo preclínico y clínico, la investigación, el pago de deudas, el capital operativo y posibles adquisiciones.
폴리리존 (PLRZ)는 상장공모 (IPO) 958,903개 단위를 단위당 4.38달러에 성공적으로 마감하여 총 420만 달러의 수익금을 올렸습니다. 각 단위는 하나의 보통주와 세 개의 워런트로 구성되며, 각 워런트는 주당 4.38달러에 행사할 수 있습니다. 회사는 Aegis Capital Corp.에 45일 동안 143,835개의 추가 단위를 구매할 수 있는 옵션을 부여하여 총 수익금을 482만 달러로 증가시킬 수 있습니다. 수익금은 비임상 개발, 임상 개발, 연구, 부채 상환, 운영 자본 및 가능한 인수에 자금을 지원할 것입니다.
Polyrizon (PLRZ) a réussi à clôturer son offre publique initiale (IPO) de 958 903 unités à 4,38 dollars l'unité, levant un produit brut de 4,2 millions de dollars. Chaque unité se compose d'une action ordinaire et de trois bons de souscription, chaque bon pouvant être exercé à 4,38 dollars par action. La société a accordé à Aegis Capital Corp. une option de 45 jours pour acheter jusqu'à 143 835 unités supplémentaires pour des surallocations, augmentant potentiellement le produit brut total à 4,82 millions de dollars. Les revenus financeront le développement préclinique et clinique, la recherche, le remboursement de la dette, le fonds de roulement et d'éventuelles acquisitions.
Polyrizon (PLRZ) hat erfolgreich sein Erstangebot (IPO) von 958.903 Einheiten zu je 4,38 Dollar pro Einheit abgeschlossen und dabei einen Bruttoerlös von 4,2 Millionen Dollar erzielt. Jede Einheit besteht aus einer Stammaktie und drei Warrants, von denen jeder für 4,38 Dollar pro Aktie ausgeübt werden kann. Das Unternehmen hat der Aegis Capital Corp. eine 45-tägige Option eingeräumt, bis zu 143.835 zusätzliche Einheiten für Überplatzierungen zu erwerben, wodurch der Gesamterlös auf potenziell 4,82 Millionen Dollar erhöht werden kann. Die Einnahmen finanzieren die präklinische und klinische Entwicklung, Forschung, die Rückzahlung von Schulden, Betriebskapital sowie mögliche Übernahmen.
- Successfully raised $4.2 million through IPO
- Potential additional $620,000 from over-allotment option
- Strategic allocation of funds for product development and debt reduction
- Significant shareholder dilution through new share issuance
- Substantial warrant coverage (3 warrants per share) creating potential future dilution
- Development stage company with no current revenue streams
Insights
This IPO indicates a modest capital raise of
The planned use of proceeds focuses on critical areas including R&D and debt repayment, though the relatively small raise may limit the company's runway. For a biotech company in the development stage, this capital might only support operations for 12-18 months, depending on burn rate. The involvement of Aegis Capital as sole book-runner and the pricing strategy reflect typical characteristics of a micro-cap biotech IPO.
Raanana, Israel, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Polyrizon Ltd. (the "Company" or "PLRZ"), a development stage biotech company specializing in the development of innovative medical device hydrogels, today announced the closing of its underwritten initial public offering of 958,903 units at a combined public offering price of
In addition, PLRZ has granted Aegis Capital Corp. (“Aegis”) a 45-day option to purchase up to 143,835 additional units, equal to
PLRZ plans to use net proceeds from the offering to fund preclinical and clinical development of its product candidates, other research and development, repayment of certain outstanding debt, working capital and general corporate purposes and possible future acquisitions.
Aegis Capital Corp. acted as the sole book-running manager for the offering. Greenberg Traurig acted as counsel to the Company. Sichenzia Ross Ference Carmel LLP acted as counsel to Aegis.
A registration statement on Form F-1 (No. 333-266745) relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission (the "SEC") on October 28, 2024. The offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained on the SEC's website, www.sec.gov, or by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at syndicate@aegiscap.com, or by telephone at (212) 813-1010.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Polyrizon
We are a development stage biotech company specializing in the development of innovative medical device hydrogels delivered in the form of nasal sprays, which form a thin hydrogel-based shield containment barrier in the nasal cavity that can provide a barrier against viruses and allergens from contacting the nasal epithelial tissue. Our proprietary Capture and Contain TM, or C&C, hydrogel technology, comprised of a mixture of naturally occurring building blocks, is delivered in the form of nasal sprays, and potentially functions as a “biological mask” with a thin shield containment barrier in the nasal cavity. We are further developing certain aspects of our C&C hydrogel technology such as the bioadhesion and prolonged retention at the nasal deposition site for intranasal delivery of drugs. We refer to our additional technology, which is in an earlier stage of pre-clinical development, that is focused on nasal delivery of active pharmaceutical ingredients, or APIs, as Trap and Target ™, or T&T.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Polyrizon intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Exchange Act. These forward-looking statements can be about future events, including the possible exercise of the over-allotment option, the use of proceeds and statements regarding Polyrizon's intentions, objectives, plans, expectations, assumptions and beliefs about future events, including Polyrizon's expectations with respect to the financial and operating performance of its business, its capital position, and future growth. The words "anticipate", "believe", "expect", "project", "predict", "will", "forecast", "estimate", "likely", "intend", "outlook", "should", "could", "may", "target", "plan" and other similar expressions can generally be used to identify forward-looking statements. Any forward-looking statements in this press release are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s prospectus (Registration No. 333-266745), filed with the SEC on October 29, 2024. All forward-looking statements contained in this press release speak only as of the date on which they were made. Polyrizon undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Contacts:
Tomer Izraeli, Chief Executive Officer
FAQ
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