Nasus Pharma Announces Initiation of Phase 2 Clinical Study of NS002 with First Participant Dosed

Rhea-AI Summary

BitMine (NYSE AMERICAN: BMNR) announced a registered direct offering to sell 5,217,715 common shares at $70.00 per share and warrants to purchase 10,435,430 shares at a $87.50 strike. The company expects aggregate gross proceeds of approximately $365.24 million from the equity sale, with potential additional proceeds of about $913 million if all warrants are exercised, for combined potential proceeds near $1.28 billion. The share price represents a roughly 14% premium to the September 19, 2025 close of $61.29. Warrants will be exercisable on issuance and expire March 22, 2027. Closing is expected on or about September 23, 2025.

Positive

• Gross proceeds of $365.24 million from the offering
• Sold 5,217,715 shares at $70.00 per share (14% premium)
• 10,435,430 warrants issued, representing potential $913 million cash if exercised
• Combined potential proceeds of approximately $1.28 billion

Negative

• Potential dilution from 10,435,430 warrant shares if exercised
• Issued shares and warrants increase outstanding share count immediately
• Warrants expire on March 22, 2027, limiting exercise window

Insights

Capital Markets Strategist

BitMine raised $365.24 million via a registered direct offering and issued warrants that could bring total proceeds to about $1.28 billion.

BitMine sold 5,217,715 shares at $70.00 per share and issued 10,435,430 warrants exercisable at $87.50. The offering generates gross proceeds of approximately $365.24 million today, with potential additional cash from warrant exercises of about $913 million before deduction of fees. The company states the primary use of proceeds is to increase its Ethereum holdings, and the common share price represented a roughly 14% premium to the referenced closing price.

Key dependencies and risks are explicit: the offering closes subject to customary conditions and the warrants expire on March 22, 2027. The realized benefit to shareholders depends on actual closing, the timing and extent of warrant exercises, and net proceeds after placement agent fees and expenses. Dilution risk exists because new shares and potential warrant exercises increase share count; the press text quantifies cash-inflow scenarios but does not disclose post-transaction share count or exact fee amounts.

Watch for the closing status around September 23, 2025, any filed prospectus supplement that discloses fees and updated capitalization, and the pace of warrant exercises through March 22, 2027. These items will determine net capital raised, dilution, and the balance between cash deployment into Ethereum and impacts on per-share metrics.

The Phase 2 study is designed to address regulatory approval considerations by comparing bioavailability and pharmacokinetics of NS002 against EpiPen

Previous clinical study demonstrated NS002 can achieve faster and higher absorption of epinephrine compared to an autoinjector

Dosing of the first participant in the Phase 2 study in Canada reflects the successful initiation of the Company’s needle-free epinephrine delivery program for anaphylaxis treatment

Interim results are expected in the first quarter of 2026

TEL AVIV, Nov. 18, 2025 (GLOBE NEWSWIRE) -- Nasus Pharma Ltd. (NYSE: NSRX) ("Nasus Pharma" or the "Company"), a clinical-stage pharmaceutical company focused on the development of innovative intranasal products to treat emergency medical conditions, today announced the successful initiation of the Company's Phase 2 clinical study with dosing of the first participant in Canada. The trial aims to evaluate NS002, the Company's investigational intranasal epinephrine powder formulation, compared to EpiPen for the treatment of anaphylaxis. NS002 could potentially offer patients a needle-free alternative to traditional epinephrine autoinjectors.

The Phase 2 study is an open-label, fixed-sequence trial designed to evaluate the pharmacokinetic parameters and hemodynamic responses of NS002 compared to EpiPen in 50 healthy adults with a history of allergic rhinitis.  Interim results from this trial are expected in the first quarter of 2026.

“The dosing of the first participant in our Phase 2 study marks a significant milestone for our NS002 program and for patients with severe allergies who need more user-friendly treatment options to manage life-threatening anaphylaxis,” said Dan Teleman, Chief Executive Officer of Nasus Pharma. “We are moving forward at full speed, executing the NS002 development program as planned, and positioning the Company for its next stage of growth. For millions suffering from severe allergies, the fear of needles and the inconvenience of carrying cumbersome autoinjectors leads to poor compliance and potentially life-threatening outcomes in anaphylaxis management.”

About Nasus Pharma
Nasus Pharma is a clinical-stage pharmaceutical company developing a number of intranasal powder products addressing acute medical conditions in the community. NS002, Nasus’s intranasal powder Epinephrine product candidate is being developed as a needle-free alternative to Epinephrine autoinjectors for patients with anaphylaxis. Intranasal administration is most suitable for those situations in which rapid drug delivery is required and offers needle free, easy to use alternatives. Nasus proprietary powder-based intranasal (“PBI”) technology is designed for rapid and reliable drug delivery, leveraging the nasal cavity’s rich vascular network for quick absorption. The PBI formulation uses uniform spherical powder particles for broad dispersion and potentially faster, higher absorption compared to liquid-based nasal products. For further information about the Company, please visit www.nasuspharma.com or follow on Twitter (X) or LinkedIn.

Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including, among other things: statements regarding the initiation, progress, and potential outcomes of the Company’s Phase 2 clinical trial of NS002; the expected timing of interim results; the potential for NS002 to improve treatment accessibility and compliance compared to traditional autoinjectors and EpiPen; the ability of our proprietary powder-based intranasal technology to deliver epinephrine safely and effectively; the Company’s expectations for continued advancement of the NS002 development program as planned and its anticipated positioning for the next stage of corporate growth, and the advancement of NS002 as a needle-free alternative for the treatment of anaphylaxis. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Company’s prospectus filed with the U.S. Securities and Exchange Commission dated August 12, 2025. Forward-looking statements contained in this press release are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Company Contact
Nasus Pharma Ltd.
info@nasuspharma.com

Investor Contact
Arx Investor Relations
North American Equities Desk
nasus@arxhq.com

FAQ

How many shares did BitMine sell in the September 2025 offering (BMNR)?

BitMine sold 5,217,715 common shares at $70.00 per share.

What are the terms of the warrants issued by BitMine (BMNR)?

BitMine issued 10,435,430 warrants with a $87.50 exercise price; they expire March 22, 2027.

How much gross cash did BitMine expect to raise from the offering (BMNR)?

The company expects approximately $365.24 million in gross proceeds from the share sale.

What is the total potential proceeds including full warrant exercise for BMNR?

If all warrants are exercised for cash, potential additional proceeds are about $913 million, totaling roughly $1.28 billion combined.

What premium to market did BitMine achieve on the offering (BMNR)?

The $70 per share price represented about a 14% premium to the September 19, 2025 close of $61.29.

When is the expected closing date for BitMine's registered direct offering (BMNR)?

The offering was expected to close on or about September 23, 2025, subject to customary conditions.