Longeveron Inc. (NASDAQ: LGVN) shares witnessed a significant surge of 20.48% in the preceding trading session, culminating at $3.53 per share. This notable increase in LGVN’s stock value can be attributed to recent advancements in a clinical trial endeavor.
In order to highlight the findings of the company’s CLEAR MIND Phase 2a trial, Longeveron (LGVN) announced that it has been accepted for a Prominent Research Oral Presentation. A Phase 2a randomized clinical trial called CLEAR-MIND examines how well Lomecel-BTM works for mild Alzheimer’s disease.
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In addition to the results of the clinical study, Longeveron has been granted a slot to present a poster at the 2024 Alzheimer’s Association International Conference (AAIC), which will take place virtually in Philadelphia, PA, USA, from July 28 to August 1, 2024.
Longeveron plans to provide detailed results from the CLEAR-MIND experiment at the forthcoming AAIC meeting, taking advantage of the chance to interact with the leading forum for clinical research on Alzheimer’s disease.
Dr. Kevin N. Ramdas, MD, MPH, Director of Clinical Operations at Longeveron, has been granted the privilege to preside over this Prestigious Research Session. Prior to this, on October 5, 2023, Longeveron had released the first preliminary results from the CLEAR MIND Phase 2a clinical study. On December 20, 2023, the company revealed more clinical data and imaging biomarker results.
Also, Longeveron has completed its previously announced initial public offering, which includes warrants to purchase up to 2,234,043 shares of the company’s Class A common stock at a combined offering price of $2.35 per share, warrant included. The warrants are immediately exercisable upon issuance and remain good for five years from the date of issuance.
The exercise price of the warrants is $2.35 per share and Longeveron’s total proceeds from this offering came to about $5.2 million. The net proceeds from the sale will be used by the company to pay for general operating expenditures as well as the further clinical and regulatory advancement of Lomecel-B across a range of disease states and applications.
