Telomir Pharmaceuticals raises US$5.6M in PIPE for breast cancer trial
The Oct. 5 placement issued 4.84 million shares at US$1.16 each and gave the placement agent warrants for another 387,464 shares.
Adrian Kessler
A US$5.6 million private share sale closed on Oct. 5 as Telomir Pharmaceuticals, Inc. NASDAQTELO prepares its first human study of Telomir-Zn in advanced breast cancer, its SEC filing shows. The 4,843,300 shares issued at US$1.16 each provide funding for a Phase 1/2 trial and working capital.
The fixed share price was five per cent below the stock's applicable 10-day volume-weighted average price, measured two days before closing. Investors received no warrants or convertible securities, although Telomir issued separate warrants to its placement agent.
Telomir is a Miami-based clinical-stage biotechnology company developing small-molecule therapeutics, led by its oral breast cancer candidate Telomir-Zn.
Telomir shares closed at US$1.20 on Nasdaq on Oct. 6, down 0.8 per cent as of 4 p.m. EDT NASDAQTELO. The Oct. 6 filing requires a resale registration statement for the placement shares within 30 days of the Oct. 5 closing.
Agent Warrants Add Potential Shares
Telomir agreed to pay Alexander Capital a placement-agent cash fee, according to its Oct. 6 filing. The company also agreed to reimburse documented expenses of up to US$40,000.
The agent or its designees received warrants to buy 387,464 additional shares at US$1.16 each. Those warrants can be exercised for cash and expire five years after issuance, while the placement shares were sold without investor warrants or price-reset provisions.
The newly issued stock equals roughly seven per cent of the 68.78 million shares Google Finance listed as outstanding at 4 p.m. EDT on Oct. 6 NASDAQTELO. That comparison uses total shares outstanding because the transaction filing does not state the freely tradable share count; exercising the agent warrants would add more shares.
Existing shareholder John Paul DeJoria invested an additional US$1 million, Telomir said in its Oct. 6 announcement. Other existing shareholders and new investors participated, but the release did not identify their individual subscriptions or give a revised cash-runway estimate.
"As Telomir enters clinical development, our focus is on execution: deploying this capital efficiently to advance Telomir-Zn through its Phase 1/2 clinical program, generate meaningful human data and position the Company strongly for the milestones ahead."
Telomir chief executive Erez Aminov said this in the company's Oct. 6 release.
Telomir's Release Gives No First Dose Date
The company said the U.S. Food and Drug Administration had cleared its investigational new drug application for a multicentre, open-label Phase 1/2 trial in advanced or metastatic triple-negative breast cancer. The first stage will assess safety, tolerability and dose selection, with a later expansion focused more closely on efficacy.
Telomir describes Telomir-Zn as an oral drug candidate intended to alter intracellular metal balance and gene regulation. The Oct. 6 release cites preclinical work, while giving no date for the first patient dose, trial readout or submission of human efficacy data.
A dated financing comparison comes from Sernova Biotherapeutics Inc. TSESVA OTCMKTSSEOVF. Its Oct. 5 release said Seraxis Holdings, Inc. closed a US$11.2 million financing in convertible notes and warrants tied to their planned merger. Seraxis expects first patient dosing in its diabetes cell-therapy trial in the first quarter of 2027, giving that raise a dated clinical target.
Read more: Sernova and Seraxis close US$11.2M financing for diabetes trial
Read more: Orexo AB (publ) proposes SEK250M rights issue ahead of drug milestones
By Nov. 4, Telomir is due to file a resale registration statement with the SEC for the new shares. Filing by then would meet that 30-day requirement; the Oct. 6 release does not give a date for the first trial dose.
