Israeli clinical stage immunotherapy drug developer Enlivex Therapeutics (Nasdaq: ENLV) has raised $46 million in a bought deal offering. The company had planned raising $10 million but demand was so high that the amount had to be significantly enlarged. H.C. Wainwright & Co. acted as the sole book-running manager for the offering.
Enlivex is developing drugs for the treatment of cancer and sepsis but it is the positive results from its Phase II trial of Covid-19 treatment Alloctera, on patients who are severely or critically ill with Covid-19, which has caused its share price to skyrocket and huge interest in its latest offering.
The trial involved 16 patients without a control group, of whom nine were severely ill with Covid-19 and seven were in critical condition. Twenty eight days after the treatment was first administered to the 16 patients, there were no fatalities, and 14 of the 16 patients were released from hospital and returned home. Two patients remain in hospital on ventilators in the intensive care unit. On average, the patients were released from hospital 5.3 days after treatment with Alloctera began.
The offering was made at $20 per share for 2,296,107 shares, and the company's share price is currently down 18.54% at $19.53, giving a market cap of $263.22 million, which is still 160% above its share price at the beginning of the month.
Enlivex also has granted to the underwriter a 30-day option to purchase up to 344,416 additional ordinary shares at the public offering price.
The company plans a larger trial for Alloctera on more Covid-19 patients who are severely or critically ill.
Enlivex's chairman is Shai Novik and CEO is Oren Hershkovitz.
Published by Globes, Israel business news - en.globes.co.il - on February 10, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021