Tenax Therapeutics announces pricing of approximately $15.6M public offering

Tenax Therapeutics announced the pricing of a public offering of 8,666,666 shares of its common stock and warrants to purchase up to 17,333,332 shares of its common stock at a purchase price of $1.80 per share and associated Public Warrant. The Public Warrants will have an exercise price of $2.25 per share, are immediately exercisable, and will expire five years after their initial exercise date. The offering is expected to close on or about February 7, 2023, subject to customary closing conditions. Roth Capital Partners is acting as our exclusive placement agent in the offering. Gross proceeds, before deducting placement agent fees and commissions and offering expenses are expected to be approximately $15.6 million. The Company intends to use the net proceeds from the offering to progress the clinical development of imatinib for the treatment of PAH and levosimendan for the treatment of PH-HFpEF, toward regulatory approval for the treatment of these and potentially other indications and, depending on patents pending that the Company expects the USPTO to make throughout 2023 and other factors determining near-term prioritization, channel the net proceeds towards these ends as well as for working capital, capital expenditures, continued product development, and other general corporate purposes.