Jul 253 min read

MedNews: clinical-stage biotherapeutics company Rani Therapeutics, focused on the oral delivery of biologics and drugs, prices $10 million offering

Rani Therapeutics has developed a disruptive technology for the oral delivery of biologics.
Through multiple preclinical and clinical studies, we have demonstrated:
High reliability
Safety and tolerability in humans
Bioavailability comparable to or better than subcutaneous injections

Rani Therapeutics Holdings, Inc. (“Rani Therapeutics” or “Rani”) (Nasdaq: RANI), a clinical-stage biotherapeutics company focused on the oral delivery of biologics and drugs, today announced that it has entered into a securities purchase agreement with a single institutional investor for the purchase and sale of 2,800,000 shares of Rani Therapeutics’ Class A common stock (the “Common Stock”) and pre-funded warrants to purchase 446,753 shares of Common Stock, together with Series A common warrants to purchase up to an aggregate of 3,246,753 shares of Common Stock and Series B common warrants to purchase up to an aggregate of 3,246,753 shares of Common Stock, in a registered direct offering. Each share of Common Stock and pre-funded warrant is being sold together with one Series A common warrant to purchase one share of Common Stock and one Series B common warrant to purchase one share of Common Stock at a combined purchase price of $3.08. The Series A common warrants and Series B common warrants will each have an exercise price of $3.08 per share, will each be exercisable 6 months from the date of issuance, and, in the case of Series A common warrants, will expire 18 months from the date of issuance, and in the case of Series B warrants, will expire five and a half years from the date of issuance.

Maxim Group LLC is acting as the sole placement agent for the offering.

The offering is expected to close on or about July 23, 2024, subject to satisfaction of customary closing conditions. The gross proceeds to the Rani Therapeutics from this offering are expected to be approximately $10.0 million, before deducting placement agent fees and other offering expenses, excluding the proceeds, if any, from the exercise of the pre-funded warrants and the Series A and Series B common warrants.

The securities in the registered direct offering are being offered and sold by Rani pursuant to a "shelf" registration statement on Form S-3 (File No. 333-266444) which was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on August 10, 2022. The offering of the securities is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and the accompanying prospectus relating to the registered direct offering will be filed with the SEC. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, on the SEC's website at http://www.sec.gov or by contacting Maxim Group LLC, 300 Park Avenue, New York, NY 10022, Attention: Syndicate Department, or via email at syndicate@maximgrp.com or telephone at (212) 895-3745.

#ranitherapeutics #maxim #medicalandpharmainsider #mednews #biologics

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