Polyrizon Announces Pricing of $4.2 Million Initial Public Offering and Listing on the Nasdaq Capital Market Under New Ticker “PLRZ”
Polyrizon has announced the pricing of its initial public offering on the Nasdaq Capital Market under the symbol 'PLRZ'. The company is offering 958,903 units at $4.38 per unit, with each unit consisting of one ordinary share and three warrants. The offering is expected to raise $4.2 million in gross proceeds, potentially reaching $4.82 million if the underwriter's over-allotment option is exercised. Trading is set to begin on October 29, 2024. The company plans to use proceeds for preclinical and clinical development, research, debt repayment, working capital, and potential acquisitions.
Polyrizon ha annunciato il prezzo della sua offerta pubblica iniziale sul Nasdaq Capital Market con il simbolo 'PLRZ'. L'azienda propone 958.903 unità a 4,38 $ per unità, con ogni unità che consiste in una azione ordinaria e tre warrant. Si prevede che l'offerta raccolga 4,2 milioni di dollari in proventi lordi, potenzialmente raggiungendo 4,82 milioni di dollari se viene esercitata l'opzione di over-allotment dell'underwriter. La contrattazione dovrebbe iniziare il 29 ottobre 2024. L'azienda intende utilizzare i proventi per lo sviluppo preclinico e clinico, la ricerca, il rimborso del debito, il capitale circolante e possibili acquisizioni.
Polyrizon ha anunciado el precio de su oferta pública inicial en el Nasdaq Capital Market bajo el símbolo 'PLRZ'. La empresa está ofreciendo 958,903 unidades a 4.38 $ por unidad, donde cada unidad consiste en una acción ordinaria y tres warrants. Se espera que la oferta genere 4.2 millones de dólares en ingresos brutos, alcanzando potencialmente 4.82 millones de dólares si se ejerce la opción de sobreasignación del suscriptor. Las operaciones comenzarán el 29 de octubre de 2024. La empresa planea usar los ingresos para el desarrollo preclínico y clínico, investigación, pago de deudas, capital de trabajo y adquisiciones potenciales.
Polyrizon은 'PLRZ'라는 상징으로 나스닥 자본 시장에서 상장공모의 가격을 발표했습니다. 회사는 주당 4.38 달러에 958,903 단위를 제공하며, 각 단위는 하나의 보통주와 세 개의 워런트로 구성됩니다. 이 공모는 총 420만 달러의 수익을 올릴 것으로 예상되며, 인수자의 추가 할당 옵션이 행사될 경우 482만 달러에 이를 수 있습니다. 거래는 2024년 10월 29일에 시작될 예정입니다. 회사는 수익금을 전임상 및 임상 개발, 연구, 부채 상환, 운영 자본 및 잠재적 인수에 사용할 계획입니다.
Polyrizon a annoncé le prix de son offre publique initiale sur le Nasdaq Capital Market sous le symbole 'PLRZ'. L'entreprise propose 958,903 unités au prix de 4,38 $ par unité, chaque unité étant composée d'une action ordinaire et de trois warrants. L'offre devrait permettre de lever 4,2 millions de dollars de revenus bruts, atteignant potentiellement 4,82 millions de dollars si l'option de surallocation de l'underwriter est exercée. La négociation devrait débuter le 29 octobre 2024. L'entreprise prévoit d'utiliser les revenus pour le développement préclinique et clinique, la recherche, le remboursement de dettes, le fonds de roulement et d'éventuelles acquisitions.
Polyrizon hat den Preis ihres Börsengangs am Nasdaq Capital Market unter dem Symbol 'PLRZ' bekannt gegeben. Das Unternehmen bietet 958.903 Einheiten zu je 4,38 $ an, wobei jede Einheit aus einer Stammaktie und drei Warrants besteht. Es wird erwartet, dass die Emission 4,2 Millionen Dollar an Bruttoerlösen einbringt, was potenziell auf 4,82 Millionen Dollar steigen kann, wenn die Über- und Unterzeichnungsoption des Emissionsbankers ausgeübt wird. Der Handel soll am 29. Oktober 2024 beginnen. Das Unternehmen plant, die Erlöse für die präklinische und klinische Entwicklung, Forschung, Schuldenrückzahlung, Betriebskapital und mögliche Akquisitionen zu verwenden.
- Successfully secured Nasdaq Capital Market listing
- Raised $4.2 million in gross proceeds through IPO
- Potential additional $620,000 through over-allotment option
- Significant shareholder dilution through new share issuance
- Additional potential dilution from warrant exercises
- Development stage company with no current revenue
Insights
This IPO pricing represents a significant milestone for Polyrizon, though the
The capital allocation strategy focuses on critical areas including R&D and debt repayment, though the size of the raise may necessitate additional funding rounds. The inclusion of debt repayment in the use of proceeds indicates existing financial obligations that investors should monitor. The Nasdaq Capital Market listing provides increased visibility and liquidity, but the small float size could lead to significant price volatility.
The company's focus on medical device hydrogels positions it in an innovative niche within the biotech sector. The emphasis on preclinical and clinical development in the use of proceeds suggests early-stage pipeline assets that will require significant development time and resources. While hydrogel technology has shown promise in various medical applications, the development path for medical devices typically involves substantial regulatory hurdles.
The modest size of the raise may limit the scope and pace of development programs, potentially requiring additional capital raises before reaching key milestones. Investors should note that early-stage biotech companies often require multiple funding rounds to achieve commercialization.
Raanana, Israel, Oct. 28, 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 pricing 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.
PLRZ also announced that, in connection with the offering, its ordinary shares been approved for listing and are expected to begin trading on the Nasdaq Capital Market under the symbol "PLRZ” on October 29, 2024.
Aegis Capital Corp. is acting as the sole book-running manager for the offering. Greenberg Traurig is acting as counsel to the Company. Sichenzia Ross Ference Carmel LLP is acting 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, when available, 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 expected gross proceeds from the initial public offering, the expected date for the Company’s ordinary shares to begin trading on the Nasdaq Capital Market, the expected timing of the closing of the offering, the possible exercise of the over-allotment option and 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 preliminary prospectus (Registration No. 333-266745), filed with the SEC on October 2, 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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