Clene Shares Slide 8.4% on $40M Public Offering

By Denny Jacob

Clene shares slid 8.4% to 92 cents on Wednesday after the company said it closed an underwritten public offering.
The stock is down 8.4% since the start of the year and 62% over the last 12 months.

The clinical-stage neurodegenerative disesase-focused biopharmaceutical company said its offering issued 50 million of its common shares and two tranches of warrants to certain health-care focused institutional investors for total gross proceeds of $40 million. The combined offering price for each share of common stock and accompanying warrants was 80 cents.
The financing is expected to give Clene sufficient cash to fund the potentially accelerated approval of its lead drug candidate CNM-Au8, pending guidance from the U.S. Food and Drug Administration and a Phase 3 clinical trial evaluating it for the treatment of Alzheimer’s disease, as well as the early commercialization of CNM-Au8, if approved.
The financing also carries an additional potential $130.8 million in proceeds through future warrant exercises with accelerated expiration dates tied to meeting regulatory milestones.
Write to Denny Jacob at [email protected]