Up to $42 Million in Two-Part Funding from
New Strategic Investor and Existing Shareholders with Committed
Closing of an Aggregate of $14 Million Up Front
MyMD Pharmaceuticals, Inc.® (Nasdaq: MYMD) (“MyMD” or “the
Company”), a clinical stage biopharmaceutical company committed to
developing novel therapies for age-related diseases, and autoimmune
and inflammatory conditions, today announced that it has secured $7
million in commitments in two private placement funding rounds led
by a strategic investor, PharmaCyte Biotech, Inc. (Nasdaq: PMCB), a
clinical-stage biotechnology company developing cellular therapies
for cancer and diabetes. An additional $7 million was raised from
existing MyMD shareholders participating in the offerings. The
closings of the two private placements are each subject to
customary closing conditions and are both expected to occur on or
around May 22, 2024.
“We are excited to welcome PharmaCyte as a new strategic
investment partner in our continuing development of MYMD-1 in
sarcopenia, as well as the evaluation of our other approved INDs in
rheumatoid arthritis (RA) and Hashimoto’s thyroiditis,” said Chris
Chapman, M.D., President, Chief Medical Officer, and Director of
MyMD. “Likewise, we appreciate the participation of many of our
valued existing shareholders who share strong conviction in our
potentially groundbreaking drug candidates for combatting aging and
treating autoimmune diseases. We believe that this capital infusion
will fund us through our next clinical studies of MYMD-1 in
sarcopenia for the next two years.”
Under the terms of the purchase agreement for MyMD’s Series G
Preferred Stock financing round, PharmaCyte will receive 7,000
shares of Series G Preferred Stock with a stated value of $1,000
per share, convertible into shares of MYMD common stock, and
warrants to purchase up to an aggregate amount of 7,709,252
additional shares of common stock, for a total consideration of
approximately $7,000,000. In addition, existing shareholders will
receive 1,950 aggregate shares of Series G Preferred Stock with a
stated value of $1,000 per share, convertible into shares of MYMD
common stock, and warrants to purchase up to an aggregate amount of
2,147,580 additional shares of common stock, for a total
consideration of $1,950,000. The shares of Series G Preferred Stock
have an initial conversion price of $1.816 per share. The warrants
issued in the Series G Preferred Stock offering are immediately
exercisable at an initial exercise price of $1.816 per share, and
(i) certain of the warrants expire five years from the date of
issuance, and (ii) certain of the warrants expire 18 months from
the date of issuance.
Under the terms of the purchase agreement for MyMD’s Series F-1
Preferred Stock financing round, existing shareholders will receive
5,050 aggregate shares of Series F-1 Preferred Stock with a stated
value of $1,000 per share, convertible into shares of MYMD common
stock, and warrants to purchase up to an aggregate amount of
5,561,678 additional shares of common stock, for a total
consideration of $5,050,000. The shares of Series F-1 Preferred
Stock have an initial conversion price of $1.816 per share. The
warrants issued in the Series F-1 Preferred Stock offering are
exercisable immediately at an initial exercise price of $1.816 per
share, and (i) certain of the warrants expire five years from the
date of issuance, and (ii) certain of the warrants expire 18 months
from the date of issuance.
The full conversion of the Series F-1 and Series G preferred
stock and the full exercise of the accompanying warrants are
subject to stockholder approval. For a full description of the
terms of these financings, please see the Company’s Current Report
on Form 8-K that was filed with the U.S. Securities and Exchange
Commission today, including the attached exhibits.
The securities in each offering were offered and sold in
transactions exempt from the registration requirements of the
Securities Act of 1933, as amended (the "Securities Act"), pursuant
to the exemption for transactions by an issuer not involving any
public offering under Section 4(a)(2) of the Securities Act and
Rule 506 of Regulation D of the Securities Act and in reliance on
similar exemptions under applicable state laws.
This press release is not an offer to sell, or a solicitation of
an offer to buy, nor shall there be any sale of these securities in
any state or jurisdiction in which such an offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
About MYMD-1
MyMD has reported statistically significant positive topline
Phase 2 results for its next generation oral TNF-α Inhibitor
MYMD-1® in sarcopenia/age-related frailty. The Phase 2 study met
its primary endpoints of significantly reducing chronic
inflammatory markers in patients treated with MYMD-1. MYMD-1 holds
potential to be the first drug approved by the FDA for sarcopenia,
an age-related decline in physical function which leads to greater
risk of hospitalization, disability, and death.
About MyMD Pharmaceuticals, Inc.
MyMD Pharmaceuticals, Inc. (Nasdaq: MYMD), a clinical stage
pharmaceutical company committed to extending healthy lifespan, is
focused on developing two novel therapeutic platforms that treat
the causes of disease rather than only addressing the symptoms.
MYMD-1 is a drug platform based on a clinical stage small molecule
that regulates the immune system to control TNF-α, which drives
chronic inflammation, and other pro-inflammatory cell signaling
cytokines. MYMD-1 is being developed to delay aging, increase
longevity, and treat autoimmune diseases. The Company’s second drug
platform, Supera-CBD, is being developed to treat chronic pain,
addiction and epilepsy. Supera-CBD is a novel synthetic derivative
of cannabidiol (CBD) and is being developed to address and improve
upon the rapidly growing CBD market, which includes both FDA
approved drugs and CBD products not currently regulated as drugs.
For more information, visit www.mymd.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release may contain forward-looking statements. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause actual results,
performance or achievements to be materially different from any
expected future results, performance, or achievements.
Forward-looking statements speak only as of the date they are made
and none of MyMD nor its affiliates assume any duty to update
forward-looking statements. Words such as “anticipate,” “believe,”
“could,” “estimate,” “expect,” “may,” “plan,” “will,” “would’’ and
other similar expressions are intended to identify these
forward-looking statements. Important factors that could cause
actual results to differ materially from those indicated by such
forward-looking statements include, without limitation: the
completion of the private placements and the satisfaction of
customary closing conditions related to the private placements, the
anticipated use of proceeds therefrom, the effect that the reverse
stock split may have on the price of MyMD’s common stock; MyMD’s
ability to maintain compliance with the Nasdaq Stock Market’s
listing standards; the timing of, and MyMD’s ability to, obtain and
maintain regulatory approvals for clinical trials of MyMD’s
pharmaceutical candidates; the timing and results of MyMD’s planned
clinical trials for its pharmaceutical candidates; the amount of
funds MyMD requires for its pharmaceutical candidates; increased
levels of competition; changes in political, economic or regulatory
conditions generally and in the markets in which MyMD operates;
MyMD’s ability to retain and attract senior management and other
key employees; MyMD’s ability to quickly and effectively respond to
new technological developments; and MyMD’s ability to protect its
trade secrets or other proprietary rights, operate without
infringing upon the proprietary rights of others and prevent others
from infringing on MyMD’s proprietary rights.. A discussion of
these and other factors with respect to MyMD is set forth in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2023, filed by MyMD on April 1, 2024 and subsequent reports
that MyMD files with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date they are made
and MyMD disclaims any intention or obligation to revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240521024499/en/
Investor Contact: Robert Schatz (646) 421-9523
rschatz@mymd.com www.mymd.com
MyMD Pharmaceuticals (NASDAQ:MYMD)
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