Polyrizon Ltd. (PLRZ), a development-stage biotech company focused on innovative hydrogel medical devices, announced the pricing of its underwritten initial public offering of 958,903 units at a public offering price of €4.38 per unit.
Polyrizon prices IPO at €4.38 per share
Each unit includes one ordinary share and three warrants, each warrant entitling the holder to purchase one ordinary share at an initial exercise price of €4.38 per share. The total gross proceeds are expected to be €4.2 million before deducting underwriting discounts and offering expenses.
Additionally, Polyrizon has granted Aegis Capital Corp. (“Aegis”) a 45-day option to purchase up to an additional 143,835 units, representing 15% of the ordinary shares sold in the offering, exclusively to cover any overallotments. If Aegis exercises this option in full, the total gross proceeds, including the overallotment, are expected to reach approximately €4.82 million before underwriting discounts, commissions, and offering expenses. The offering is expected to close on or around October 30, 2024, subject to customary closing conditions.
How it will use proceeds
Polyrizon intends to use the net proceeds from the offering to fund the preclinical and clinical development of its product candidates, other R&D activities, repayment of certain outstanding debts, working capital, general corporate expenses, and potential future acquisitions.
The company also announced that, in connection with the offering, its ordinary shares have been approved for listing and are expected to begin trading on the Nasdaq Capital Market under the symbol "PLRZ" on October 29, 2024.
