Longeveron Reports $4.4 Million from Warrant Exercise

Longeveron Inc., a biotechnology company specializing in regenerative medicine, has announced it has finalized agreements related to the exercise of existing warrants. These warrants allow the purchase of a total of 1,697,891 shares of its Class A common stock at an exercise price of $2.35 per share, originally issued in April 2024. The resale of these shares is registered under an effective registration statement on Form S-1. The company expects to generate approximately $4.4 million in gross proceeds from the exercise of these warrants, before deducting placement agent fees and other expenses.

H.C. Wainwright & Co. is serving as the exclusive placement agent for this offering. In exchange for the immediate exercise of these existing warrants for cash, Longeveron will issue new unregistered warrants. These new warrants will allow the purchase of an additional 3,395,782 shares of Class A common stock at an exercise price of $2.50 per share. The new warrants will be valid for twenty-four months from the date of issuance.

The offering is anticipated to close around June 18, 2024, pending the fulfillment of standard closing conditions. The company plans to use the net proceeds for various purposes including the ongoing clinical and regulatory development of Lomecel-B™, which is being investigated for the treatment of several conditions including hypoplastic left heart syndrome (HLHS) and Alzheimer’s disease. Other uses include obtaining regulatory approvals, capital expenditures, working capital, and general corporate activities.

The new warrants and the shares of Class A common stock that can be acquired upon their exercise are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933 and related regulations. These securities have not been registered under the Securities Act or applicable state laws, and therefore cannot be offered or sold in the U.S. without an effective registration statement or an applicable exemption.

This announcement does not constitute an offer to sell or solicit the purchase of these securities in any jurisdiction where such an offer or sale would be illegal. 

Longeveron Inc. is a clinical-stage biotechnology company focusing on developing regenerative medicine to address unmet medical needs. Their leading product, Lomecel-B™, is an allogeneic medicinal signaling cell therapy derived from the bone marrow of young, healthy adult donors. Lomecel-B™ is believed to have multiple mechanisms of action, including pro-vascular, pro-regenerative, anti-inflammatory, and tissue repair and healing effects. Longeveron is actively developing treatments for conditions such as HLHS, Alzheimer’s disease, and Aging-related Frailty.

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