Tenax raises $25M, expands Phase 3 LEVEL study to 230 patients, adds LEVEL-2 trial

TENAX THERAPEUTICS, INC.

Private placement with RTW Investments grossed ~$25M; issued 378K shares + pre-funded warrants for 3.76M shares at $6.04/$6.03.
FDA accepted amendment to expand LEVEL study from 152 to 230 patients, increasing statistical power to >95%; enrollment expected by end of 2025.
FDA agreed to initiate second global Phase 3 LEVEL-2 study; first patient expected in 2025; primary endpoint 6MWD at 26 weeks.
Blinded LEVEL data shows >95% patients remain on therapy, no safety signals; topline data expected mid-2026.
Proceeds extend cash runway through end of 2027, funding Phase 3 trials and operations.

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