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(Investorideas.com
Newswire) a go-to platform for big investing ideas, including biotech
stocks issues a news and trading alert for Longeveron Inc. (NASDAQ:
LGVN), a clinical stage biotechnology company developing cellular
therapy for life-threatening, rare pediatric and chronic aging-related
conditions.
The stock makes the Nasdaq top percentage gainers list today,
currently trading at $1.02, up $0.48, with a day’s high of
$1.17 on a volume of over 141 million shares as of this report.
Longeveron
announced that it has entered into a definitive agreement with
certain institutional and accredited investors for up to
approximately $30 million in gross proceeds through a private
placement, priced at-the-market under Nasdaq rules. The net proceeds
from the initial tranche of the financing are expected to fund the
company’s current operating plans into the fourth quarter of 2026,
past the anticipated pivotal Phase 2b ELPIS II clinical trial 3Q26
topline data readout.
The private placement is led by Coastlands Capital, with
participation from Janus Henderson Investors, along with Logos
Capital and Kalehua Capital, for total gross proceeds in the initial
closing of approximately $15 million.
H.C. Wainwright & Co. is acting as the exclusive placement agent
for the private placement.
At the initial closing, the Company will issue 6,013,384 shares of
its Class A common stock at a purchase price of $0.52 per share and,
in lieu of Class A common stock, shares of the Company’s
Series A Non-Voting Convertible Preferred Stock (the
“Preferred Shares”), convertible into an aggregate of
22,832,770 shares of Class A common stock, at a purchase price
$1,000 for each Preferred Share. The Preferred Shares will have a
conversion price of $0.52 per share and will be immediately
convertible upon issuance. The Company will be eligible to receive
up to an additional approximately $15 million in gross proceeds in
exchange for shares of Class A common stock and preferred shares,
subject to achieving certain milestone-driven conditions related to
the results of the Company’s Phase 2b ELPIS II clinical trial
in HLHS and share price.
Additionally, at the initial closing, the Company has agreed to sell
to the investors an interest in 50% of proceeds received (after
deducting necessary, documented third-party fees or charges) from
the potential future sale of a Rare Pediatric Disease Priority
Review Voucher, to the extent received from the U.S. FDA in
connection with the company’s laromestrocel program for HLHS.
The Company intends to use the net proceeds from the financing,
together with its existing cash and cash equivalents, for funding
for its ongoing clinical and regulatory development of
laromestrocel, working capital, and other general corporate
purposes. Based on current operating plans, the Company expects that
its cash and cash equivalents, excluding the net proceeds from the
closing of the second tranche, will fund operations into the fourth
quarter of 2026.
The initial closing of the private placement is expected to occur on
or about March 11, 2026, subject to satisfaction of customary
closing conditions.
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