Polyrizon Announces Closing of $4.2 Million Initial Public Offering

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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 $4.38 per unit, with each unit each consisting of one ordinary share and three warrants to purchase one ordinary share per warrant, with an initial exercise price of $4.38 per share.

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.

In addition, PLRZ has granted Aegis Capital Corp.("Aegis") a 45-day option to purchase up to 143,835 additional units, equal to 15% of the number of ordinary shares sold in the offering solely to cover over-allotments, if any.

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Article Details

Author / Journalist: Globe Newswire

Category: InvestingBusiness

Markets: United StatesIsrael

Topics: News IPOs PLRZ Press Releases

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-30 @ 14:28:54 (1 days ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 892 words

Reading Time: 5 minutes read

Sentences: 27 lines

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Copyright Owner: © Benzinga

News ID: 23341149

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