Enlivex Therapeutics Announces $15M Direct Offering

Enlivex Therapeutics Ltd., a clinical-stage company specializing in macrophage reprogramming immunotherapy, has announced a definitive agreement with a single healthcare-focused institutional investor. The agreement involves a registered direct offering of 3,571,429 ordinary shares, priced at $1.40 per share, alongside clinical milestone-linked warrants. These warrants include Series A warrants, which allow the purchase of up to 3,571,429 shares and will expire either 18 months from the issuance date or 60 days post-announcement of positive topline results from the ENX-CL-05-001 trial for moderate-to-severe knee osteoarthritis treatment. Series B warrants, also for up to 3,571,429 shares, will expire five and a half years from issuance or 60 days following FDA filing for Allocetra's osteoarthritis indication.

The transaction, expected to close around May 29, 2024, is subject to customary closing conditions. Enlivex anticipates gross proceeds of approximately $5 million before deducting placement agent fees and other costs. If the warrants are fully exercised on a cash basis, the company could raise an additional $10 million. However, there are no guarantees that any warrants will be exercised.

H.C. Wainwright & Co. is acting as the exclusive placement agent for this offering. The securities are being offered in a registered direct offering under a "shelf" registration statement on Form F-3, which became effective on May 5, 2022. A final prospectus supplement will be filed with the SEC and made available on its website.

The proceeds from this offering will be directed toward working capital and general corporate purposes. Enlivex, known for its work on Allocetra™, aims to reset non-homeostatic macrophages to their homeostatic state, which is vital for immune system rebalancing and addressing severe conditions.

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