other material
confidence high
sentiment positive
materiality 0.70
Ensysce Biosciences closes $4M convertible preferred stock financing with up to $20M available
Ensysce Biosciences, Inc.
- Closed $4M convertible preferred stock financing; up to $16M additional available in future tranches over 24 months.
- Conversion price fixed at $2.50/share; 50% warrant coverage exercisable at same price for five years.
- Proceeds to accelerate Phase 3 clinical development of PF614, a novel abuse-resistant analgesic.
- Series B preferred pays 4% annual dividend (8% on triggering events); stated value $1,100 per share.
- Net proceeds from the offerings estimated at ~$3.6 million for general corporate purposes and working capital.