Synaptogenix Inc. (NASDAQ: SNPX) stock gained by 6.33% at last close while the SNPX stock price rises further by 13.48% in the after-hours trading session. Synaptogenix is a clinical-stage pharmaceutical firm with a history of developing new neurodegenerative disease treatments. Bryostatin-1, Synaptogenix’s primary treatment candidate, has been studied in Alzheimer’s disease in both clinical and preclinical research.
SNPX has completed securities purchase agreements to generate around $12.5 million in net proceeds from a private placement financing of common shares and warrants. Current institutional investors were the primary drivers of the funding. The net funds from the private placement will be used to fund Synaptogenix’s continued development of Bryostatin-1, which is presently in a Phase 2b Alzheimer’s disease study supported by the National Institutes of Health, as well as future research & innovation for other indications.
At a cumulative purchase price of $7.547 per Unit, per Unit comprises of one share of common stock and one warrant. The warrants will have a five-year term and will be exercisable at a $8.51 per share common stock price. Pursuant to customary closing conditions, the private placement is scheduled to conclude on or about June 16, 2021.
Alan Tuchman, CEO, commented,
SNPX is grateful for the ongoing support of their current shareholder base, which resulted to this financing, and they look forward to keeping investors up to speed on the NIH-sponsored Phase 2 Alzheimer’s study, as well as conversations with strategic alliances on potential central nervous system indications.
The primary placement agency was Katalyst Securities LLC.
Recent Past Development
SNPX provided an update on their ongoing Phase 2b clinical trial of Bryostatin-1 in individuals with moderately severe Alzheimer’s disease, which is being funded by the National Institutes of Health. SNPX The com has dosed 58 of the target 100 patients thus far. Seventeen sites are still operational.
Furthermore, the trial’s independent Data Safety Monitoring Board met to examine Bryostatin’s safety via an interim analysis, confirming that 40 advanced AD patients were dosed with Bryostatin with no severe side effects.
Dr. Daniel Alkon, President, and Chief Scientific Officer stated,
SNPX’s prior two pilot studies proved security while also demonstrating a 4.8 improvement in the Extreme Impairment Battery Score above baseline. They are delighted to report that their ongoing six-month Phase 2b trial, which is funded by the National Institutes of Health, has shown evidence of safety thus far, similar to their two prior trials. In the clinical studies of Bryostatin to treat advanced Alzheimer’s disease, efficacy and safety remain their top priorities.