enVVeno Medical announces $28M private placement

enVVeno Medical entered into a securities purchase agreement with certain healthcare focused institutional investors for approximately $28 million of gross proceeds. The private placement is being conducted as an at-the-market offering under Nasdaq rules at a purchase price per share of common stock and warrants of $5.806. The transaction was led by Perceptive Advisors with participation from Nantahala Capital, Kingdon Capital Management, Velan Capital, L1 Capital and other new and existing institutional investors. Milestone-driven warrants that were issued as part of the transaction could bring in up to approximately $34 million of additional capital within 30 days of the release of initial topline efficacy data from the SAVVE U.S. pivotal trial for the VenoValve, expected in Q2 of 2024, and up to approximately $40 million of additional capital within 30 days of FDA pre-market approval for the VenoValve, expected in Q2 of 2025. With the full exercise of both sets of milestone-driven warrants, the financing has the potential to generate $103 million of gross proceeds. The two subsequent potential financing tranches in the form of milestone-driven warrants are priced at $6.945 and $8.334, respectively, and will expire on the 1-year and 3-year anniversary of the date of issuance, respectively, if the milestones above are not achieved. Ladenburg Thalman Co. Inc. is acting as exclusive placement agent in connection with the offering.