- Claritas Pharmaceuticals, Inc. (CLAS) enters an agreement with Alumina Partners Ltd. to provide up to $5 million in equity financing for two years
- The initial proceeds from the agreement will be allocated to the remaining costs of the Phase 1 clinical study of R-107
- Claritas is currently developing R-107 for the treatment of COVID-related lung diseases
- Claritas will apply for additional grant funding with the Biomedical Advanced Research Development Authority (BARDA)
- Claritas Pharmaceuticals Inc. (CLAS) is down 4.55 per cent, trading at $0.21 per share at 1:50 p.m. EST
Claritas Pharmaceuticals (CLAS) has entered into an agreement with Alumina Partners to provide up to $5 million in equity financing for two years.
The initial proceeds from the agreement will be allocated to the remaining costs of the first phase clinical study of R-107.
Claritas is currently developing R-107, its proprietary nitric oxide-releasing compound, for the treatment of COVID-related lung diseases.
Future proceeds will be used for the Phase 2a study of R-107 in pulmonary arterial hypertension (PAH).
Claritas has the option to draw down cash tranches of up to $250,000.
Each tranche will be a private placement of units, comprised of one common share and one common share purchase warrant.
The units are issued at a discount of 15 to 25 per cent of the closing market price at the time each tranche is funded.
The exercise price of the warrants will be at a 25 per cent premium over the market price at the time of issuance.
Claritas will apply for additional grant funding with the Biomedical Advanced Research Development Authority (BARDA).
More than US$15 million of the early-stage development costs for R-107 were already funded under a BARDA contract.
Claritas will apply for a new BARDA contract to fund the Phase 2 and Phase 3 clinical studies of R-107.
Claritas Pharmaceuticals Inc. (CLAS) is down 4.55 per cent, trading at $0.21 per share at 1:50 p.m. EST.
