CERo Therapeutics announced that it has entered into a securities purchase agreement for the issuance and sale of securities under a new convertible preferred stock transaction.
The gross proceeds from the offering are expected to be up to $8 million, including $5 million expected to be received through the investment of securities at the first closing, and up to $3 million of cash that may be funded at one or more additional closings.
CERo intends to use the net proceeds from the offering to take advantage of the two recent FDA IND allowances for its lead compound, CER-1236, a CAR-T cell therapy targeting Tim-4L in acute myelogenous leukemia and advanced solid tumors.
“On the heels of our recent announcements anticipating the imminent dosing of our first AML patient at MD Anderson Cancer Center and the IND allowance in solid tumors, we are gratified by the support we have received from investors and look forward to continued execution and progress,” said Chris Ehrlich, CERo CEO.
The proceeds will also help to address CERo’s current Nasdaq deficiencies around shareholder equity and extend the company’s cash on hand to maintain operations and extend runway.
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