Enveric Biosciences reports the usage of warrants to achieve $2.2 million in funds.
Enveric Biosciences Advances Towards Clinical Trials and Funding
Enveric Biosciences, a biotechnology company listed on NASDAQ (ENVB), is making significant strides in its journey. The company is working towards finalizing and submitting its Investigational New Drug (IND) filing to the U.S. Food and Drug Administration (FDA), a crucial step towards initiating clinical programs.
In a related development, Enveric Biosciences has entered into definitive agreements to exercise series A and B warrants to purchase up to 1,212,499 shares of common stock each. This move is expected to provide the company with additional funding for product development and working capital on commercially reasonable terms.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering, which is expected to close on or about September 18, 2025. However, the search results do not provide information about which institution H.C. Wainwright & Co. has appointed as the paying agent for the stock attachment in this case.
The offering aims to raise approximately $2.2 million in gross proceeds for the company. In consideration for the immediate exercise of the warrants for cash, the company will issue new unregistered series C and D warrants. The series C and D warrants will have an exercise price of $0.915 per share and will be exercisable for different periods.
Enveric Biosciences is focused on advancing next-generation neuroplastogenic small molecules for psychiatric and neurological disorders. The company is also actively seeking future funding and is committed to securing and enforcing legal rights related to its products, including patent protection.
The company intends to use the net proceeds from the offering for product development, working capital, and general corporate purposes. This includes efforts to carry out successful clinical programs and explore alternative routes to capture value from its research and development pipeline assets.
Customary closing conditions related to the offering are expected, and stockholder approval is anticipated. The exercise price of the warrants has been reduced from $3.00 to $0.915 per share, reflecting the company's commitment to creating value for its shareholders.
Enveric Biosciences is striving to achieve the value creation contemplated by technical developments, demonstrating its dedication to its mission and the potential impact on the fields of psychiatry and neurology.
