Neose to raise $43M for NE-180 development

Pennsylvania, USA-based Neose Technologies has entered into a purchase agreement with certain institutional investors and investment funds affiliated with directors for the sale of 21,435,447 shares of its common stock and warrants to purchase 9,645,949 shares of its common stock, at a price of $2.02 per unit. The warrants have a term of five years and an exercise price of $1.96 each. The transaction is being conducted through a placement agent and is expected to provide gross proceeds of approximately $43.0 million.

The company expects to use the proceeds to support the development program of its lead product candidate, NE-180, a long-acting version of a treatment for anemia caused by kidney failure or cancer chemotherapy, as well as other general corporate purposes.