Rafael (RFL) said Wednesday that its $25 million rights offering resulted in subscriptions for 3.13 million class B common shares at an exercise price of $1.28 per share, generating gross proceeds of about $4 million.
Rafael's president and CEO, Howard Jonas, and his affiliates will purchase the unsubscribed shares for an aggregate amount of about $21 million.
Jonas said the proceeds will provide additional capital for regulatory approval efforts and the potential launch of Trappsol Cyclo, contingent on a positive interim result from the 48-week interim analysis of the phase 3 clinical trial for Niemann-Pick Disease Type C1.
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