Aethlon Medical (NSDQ:AEMD) announced that it completed its previously announced registered direct offering of nearly 1.9 million shares of its common stock for nearly $3.8 million in proceeds.
The shares, offered at a purchase price of $2 per share, totaled approximately $3.77 million in gross proceeds. Aethlon additionally issued unregistered warrants to purchase up to 942,689 shares of common stock at $2.75 per share, according to a news release.
The warrants are set to be exercisable immediately with an expiration set for five and one-half years from the issuance date. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
Aethlon develops the Hemopurifier, a single-use disposable cartridge designed to target and filter out viruses or tumor-secreted exosomes. Blood flows through the system’s cartridge into nearly 3,000 hollow fibers with pores 250 nm in diameter. A pressure differential in the first third of the fiber is designed to push particles below 250 nm through the pores into a space between the fibers and the cartridge. After the particles are pushed between the fibers and cartridge, an affinity agent binds to a disease-specific structure associated with viruses.
In May, the company won an investigational device exemption from the FDA for an early feasibility study of its Hemopurifier device in patients with head and neck cancer in combination with the standard pembrolizumab (Keytruda) care.
Last month, Aethlon shares plummetted -44.8% at $1.10 per share today after it announced that it priced an underwritten public offering of common stock worth approximately $5 million. Shares of AEMD are down -5.3% at $2.50 per share in early-morning trading today.