Statera Biopharma Inc. (NASDAQ: STAB) has announced the closing of the previously disclosed registered direct offering with some institutional investor under which the company issued $2 million worth of its common shares and warrants.
Statera sold 2 million common shares
The company sold roughly 2 million common shares plus warrants to buy about 2 million common shares under the conditions of the shares purchase agreement. The warrants are exercisable immediately, at an exercise price of $1 per share, and have five years expiry after the original exercise date. The cost of one common share and one warrant was $1.
The company will use proceeds from the offering for general corporate purposes that includes the company’s acute Acute COVID study, third phase paediatric Crohn’s trial, and other development activities.
Statera offered the securities in accordance with a shelf registration statement on Form S-3 filed with the US SEC and declared effective by the SEC on May 29, 2020, with associated prospectus contained within it. Accordingly, only a prospectus addendum and associated prospectus were used to make the offering. On February 7, 2022, the Securities and Exchange Commission (SEC) received the definitive accompanying prospectus and supporting base prospectus for the securities being sold in the registered direct offering.
Statera creates novel immunotherapies targeting autoimmune diseases
Statera is developing proprietary immunotherapies that target autoimmune, anaemia/neutropenia, emerging cancers and viruses based on a novel platform meant to rebalance the body’s immune system and restore homeostasis. With TLR4 and TLR9 antagonists, and the TLR5 agonists’ Entolimod and GP532, Statera offers one of the broadest toll-like receptor (TLR) agonist platforms in the biopharmaceutical sector. TLRs are a protein family that plays an important function in the body’s immune response. Statera is working on medicines that will directly elicit powerful and long-lasting responses of antigen-specific killer T-cells and antibodies in individuals, thereby activating critical immune systems against inflammatory, autoimmune, viral, and cancer disorders. The company has preclinical or clinical programs for haematology (entolimod), Crohn’s disease (STAT-201), COVID-19 (STAT-205), and pancreatic cancer (STAT-401).