Tenax Therapeutics Raises $100M in Oversubscribed Private Placement Led by BVF Partners

TENAX THERAPEUTICS, INC.

Gross proceeds ~$100M from 1.45M shares, 31.9M pre-funded warrants, and 16.7M warrants at $3.00/share (warrant strike $4.50).
Private placement led by BVF Partners LP; new investors include Venrock, Vivo Capital, Janus Henderson, Vestal Point, Velan Capital, ADAR1, Stonepine, Sphera Biotech.
Net proceeds to complete Phase 3 LEVEL trial and initiate second Phase 3 trial of oral levosimendan; cash runway extended through end of 2027.
Expected to close August 8, 2024; Leerink Partners lead placement agent, with Guggenheim, William Blair as joint agents; ROTH Capital financial advisor.
Post-closing common shares outstanding expected to be approximately 3.4 million.

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