Following the conclusion of an equity offering, shares of 180 Life Sciences Corp. (NASD: ATNF) were up 29.03% at $1.60 as of the most recent check in pre-market trading.
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Where has ATNF closed an offering?
A sole healthcare-focused U.S. asset manager closed 180 Life Sciences’ registered direct offering, which was priced at the market in accordance with Nasdaq guidelines. 180 Life Sciences sold warrants to buy up to 2,571,429 shares of its common stock at a price per share and associated warrant of $3.50, along with 1,714,286 shares of its stock or common stock equivalents in place thereof. The warrants are initially exercisable starting six months after the date of issuance, have a par value of $3.50 per share, and expire five years from the first exercise date.
The offering’s total gross income is about $6 million. The net proceeds from the sale will be used by ATNF for general company objectives, including the drafting of a marketing authorization application for Dupuytren’s contracture in the UK and legal fees, as well as costs associated with research and development. The offering’s lone placement agent was Alliance Global Partners.
ATNF collaborating with authorities on a new drug:
The UK Medicines and Healthcare products Regulatory Agency (MHRA) scientific advisory committee will meet with the Company and its regulatory advisors from the US and the UK for the second time on October 31, 2022, according to a recent announcement from ATNF. Additionally, ATNF asked MHRA a number of concerns regarding the use of nodular size and hardness as proxy indicators for impending finger contraction in Dupuytren’s disease. The Company got official written scientific advice on these issues on November 23, 2022.
The Repurposing Anti-TNF for Treating Dupuytren’s Disease (RIDD) trial’s primary and secondary objectives, as well as the information given by the Company, were examined by the MHRA. They made the point that, while ATNF is aware of this, it has not been demonstrated that treatment-induced reductions in nodule size would result in changes in the course of the illness and asked for proof of a connection with clinical outcomes.
Adalimumab’s clinical safety for use in other authorized indications, such as rheumatoid arthritis, was also requested by the MHRA. The MHRA will get more information from 180 Life Sciences (ATNF) in response to its concerns.
