Diffusion Pharmaceuticals (Nasdaq: DFFN) announced the closing of a registered direct offering, selling 11,428,572 shares at $1.05 each, generating approximately $12 million in gross proceeds. The funds will primarily be used for the research and development of its lead candidate, trans sodium crocetinate (TSC), aimed at improving oxygen delivery for serious medical conditions. This offering was facilitated by H.C. Wainwright & Co. and is part of a previously effective SEC registration statement. The company continues to advance TSC's clinical programs, including efforts related to COVID-19.
Diffusion Pharmaceuticals Inc. (Nasdaq: DFFN) announced a registered direct offering to institutional and accredited investors, selling 11,428,572 shares at $1.05 per share, aiming to raise approximately $12 million. The funds will primarily support the development of its lead candidate, trans sodium crocetinate (TSC), and general corporate purposes. The offering is expected to close around May 20, 2020, pending standard conditions. H.C. Wainwright & Co. is acting as the placement agent for this transaction.
Diffusion Pharmaceuticals Inc. (Nasdaq: DFFN) announced significant developments and financial results for Q1 2020. The company is under accelerated FDA review for its Investigational New Drug application for trans sodium crocetinate (TSC) targeting COVID-19 related Acute Respiratory Distress Syndrome (ARDS). R&D expenses declined to $1.5 million, while general and administrative expenses slightly rose to $1.3 million. Cash and cash equivalents were $10.8 million as of March 31, 2020, and additional warrant exercises post-quarter raised $4.8 million, securing funds until Q3 2021.
Diffusion Pharmaceuticals Inc. (NASDAQ: DFFN) announced that the FDA will expedite its review of the clinical development plan for its lead compound, trans sodium crocetinate (TSC), aimed at treating COVID-19 patients with Acute Respiratory Distress Syndrome (ARDS). The FDA's Coronavirus Treatment Acceleration Program (CTAP) will significantly shorten review times. Patient enrollment is expected to occur simultaneously in the U.S. and Eastern Europe, enhancing the speed of data collection. This collaboration with healthcare institutions aims to provide a critical new treatment option for patients suffering from low oxygen levels.