Talphera raises ~$17M in private placement with CorMedix; second closing tied to NEPHRO CRRT

TALPHERA, INC.

Issued 25,036,360 shares at $0.55/share and pre-funded warrants for 5,845,455 shares; gross proceeds ~$17M.
Second closing of ~$12M contingent on achieving primary endpoint in NEPHRO CRRT study and VWAP >= $0.6875.
CorMedix gets board designation right if it holds >=25% of first-closing shares; 60-day exclusive negotiation right after positive NEPHRO CRRT results.
Registration rights agreement requires Talphera to file resale registration statement within 15 days after each closing.
Right of first negotiation terminates if NEPHRO CRRT study is terminated before primary endpoint or by Dec 31, 2027.

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