Polyrizon (NASDAQ: PLRZ), a pre-clinical-stage biotechnology company developing intranasal protective solutions, announced the closing of its previously announced registered direct offering and concurrent private placement with a single institutional investor, generating approximately $3.5 million in gross proceeds. The transactions included the sale of 388,888 units or pre-funded units at a combined price of $9.00 per unit, consisting of ordinary shares or pre-funded warrants and common warrants, with additional pre-funded and common warrants issued in the private placement, as the company plans to use proceeds for working capital and general corporate purposes, while Aegis Capital Corp. acted as exclusive placement agent.
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About Polyrizon Ltd.
Polyrizon is 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. Polyrizon’s 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. Polyrizon is further developing certain aspects of its C&C hydrogel technology such as the bioadhesion and prolonged retention at the nasal deposition site for intranasal delivery of drugs. Polyrizon refers to its 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(TM), or T&T.
For more information, please visit https://polyrizon-biotech.com
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