GRI Bio Prices $4M Public Offering

GRI Bio, Inc., a biotechnology firm based in La Jolla, California, has announced the pricing of a public offering involving 2,185,793 shares of its common stock and accompanying Series C-1 and C-2 warrants. The combined public offering price is set at $1.83 per share. The Series Warrants, which have an identical exercise price, will become exercisable once stockholder approval is obtained for the issuance of shares upon exercise of these warrants. The Series C-1 warrants have a five-year expiration, while the Series C-2 warrants will expire after eighteen months.

The closing for this offering is anticipated around June 28, 2024, pending the fulfillment of standard closing conditions. H.C. Wainwright & Co. is the exclusive placement agent managing this offering. GRI Bio expects to raise approximately $4 million in gross proceeds from the offering before deducting fees and expenses. Should the Series Warrants be fully exercised on a cash basis, the company could potentially obtain an additional $8 million in gross proceeds. However, there is no guarantee that any of the Series Warrants will be exercised.

The net proceeds from this offering are earmarked for the development of GRI Bio’s product candidates, along with working capital and general corporate needs. The securities in this offering are being issued under a registration statement on Form S-1, which the Securities and Exchange Commission (SEC) declared effective on June 26, 2024. The offering is being conducted solely through a prospectus that forms part of the effective registration statement. Both preliminary and final prospectuses related to this offering have been or will be filed with the SEC and are accessible on the SEC's website.

GRI Bio is at the clinical stage of its operations, concentrating on revolutionizing the treatment of inflammatory, fibrotic, and autoimmune diseases. The company’s therapies focus on modulating Natural Killer T (NKT) cells, which are pivotal in the early inflammatory cascade, to disrupt disease progression and restore immune system balance. NKT cells function as a bridge between innate and adaptive immune responses. Specifically, Type I invariant NKT (iNKT) cells significantly contribute to the inflammatory and fibrotic processes seen in related diseases.

GRI Bio’s leading program, GRI-0621, targets iNKT cell activity and is being developed as a novel oral treatment for idiopathic pulmonary fibrosis, a disease currently lacking adequate treatment options. Additionally, the company is advancing a pipeline of type 2 NKT agonists aimed at treating systemic lupus erythematosus. With a proprietary compound library exceeding 500 items, GRI Bio has substantial potential to expand its pipeline further.

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