Enlivex Therapeutics Completes $15 Million Direct Offering

Nes-Ziona, Israel, May 29, 2024 – Enlivex Therapeutics Ltd. (Nasdaq: ENLV), a company specializing in clinical-stage macrophage reprogramming immunotherapy, has finalized its previously announced direct offering to a single healthcare-focused institutional investor. This transaction involved the issuance of 3,571,429 ordinary shares (or equivalents) and milestone-linked warrants. The Series A warrants permit the purchase of up to 3,571,429 ordinary shares, and the Series B warrants offer the same quantity under different conditions. The purchase price was set at $1.40 per share, combining shares and associated warrants, bringing total gross proceeds to around $5 million.

The Series A warrants are exercisable at $1.40 per share and will expire 18 months after issuance or 60 days following the company’s positive topline results from the ENX-CL-05-001 trial of AllocetraTM for moderate-to-severe knee osteoarthritis. The Series B warrants will expire either five and a half years from issuance or 60 days after Enlivex publicly announces its FDA filing for AllocetraTM’s osteoarthritis indication. If fully exercised, the warrants could generate an additional $10 million in gross proceeds. However, there is no assurance that these warrants will be exercised.

The company's net proceeds from this offering will be allocated to working capital and other general corporate needs. H.C. Wainwright & Co. served as the exclusive placement agent for this offering. 

The securities were sold under a "shelf" registration statement on Form F-3 (File No. 333-264561), filed with the Securities and Exchange Commission (SEC) on April 29, 2022, and declared effective on May 5, 2022. The offering was conducted solely via a prospectus supplement as part of the effective registration statement.

Enlivex is focused on developing Allocetra™, an off-the-shelf cell therapy aimed at reprogramming macrophages back to their homeostatic state. This reprogramming is vital for the immune system's balance and the resolution of severe and debilitating conditions.

Enlivex Therapeutics Ltd. is headquartered in Nes-Ziona, Israel, and remains committed to its innovative approach in macrophage reprogramming immunotherapy.

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