GRI Bio Closes $4M Public Offering

LA JOLLA, CA, June 28, 2024 – GRI Bio, Inc. (NASDAQ: GRI), a biotechnology company developing Natural Killer T (NKT) cell modulators for the treatment of various diseases, has completed its public offering. This offering involved the sale of 2,185,793 shares of common stock, along with Series C-1 and C-2 warrants to purchase up to an additional 2,185,793 shares each. The combined purchase price for each share and accompanying warrants was $1.83. The Series Warrants have an exercise price of $1.83 and will become exercisable upon stockholder approval. The Series C-1 warrants will expire five years from their initial exercise date, while the Series C-2 warrants will expire after eighteen months.

H.C. Wainwright & Co. acted as the exclusive placement agent for this offering. The gross proceeds from the offering totaled approximately $4.0 million, before deducting agent fees and other expenses. If all the Series Warrants are exercised for cash, the company could see additional gross proceeds of around $8.0 million. However, there is no guarantee that the warrants will be exercised for cash.

GRI Bio plans to use the net proceeds from this offering to advance its product candidate development, for working capital, and for general corporate purposes.

The securities were offered under a registration statement on Form S-1, which the SEC declared effective on June 26, 2024. Copies of the final prospectus can be accessed via the SEC's website.

GRI Bio is focused on developing therapies that target NKT cells to treat inflammatory, fibrotic, and autoimmune diseases. NKT cells are crucial in regulating the inflammatory response and can be pivotal in treating these conditions. The company's lead program, GRI-0621, is an inhibitor of iNKT cell activity and is being developed as an oral treatment for idiopathic pulmonary fibrosis. Besides, GRI Bio is also working on type 2 NKT agonists aimed at treating systemic lupus erythematosus. With a proprietary library of over 500 compounds, GRI Bio is well-positioned to expand its pipeline further.