Vaccinex's CEO, Chairman To Inject $4M To Fund The Lead Program
Vaccinex Inc (NASDAQ: VCNX) has announced a private placement of approximately 5.9 million at $1.11 per share for about .6 million gross proceeds.
The private placement is expected to close on January 31.
Participants in the private placement include entities controlled by Maurice Zauderer, President & CEO of Vaccinex, and Albert Friedberg, Vaccinex's Chairman.
Each of them has purchased $2 million worth of shares.
Other investors include an entity controlled by Jacob Frieberg, another board member of Vaccinex, and additional new & existing shareholders, who purchased the remaining $2.6 million worth of shares.
Vaccinex will use the funds to develop its lead drug candidate, pepinemab, in cancer & neurodegenerative disease and for working capital & general corporate purposes.
Related: Vaccinex Posts Two Complete Responses In Pepinemab Combo Trial In Head & Neck Cancer.
Vaccinex also announced that during the month of January, before entering into the stock purchase agreement, Vaccinex sold approximately $3.5 million of shares in January 2022 for an average sales price of $1.16/share under its existing open market sales agreement with Jefferies LLC.
This brings the total of new equity financing to date in 2022 to $10.1 million.
Price Action: VCNX shares are up 7.11% at $0.98 during the premarket session on the last check Friday.
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