Cyclo Therapeutics, Inc. (Nasdaq: CYTH) is proud to announce the successful completion of a private placement of its securities with Rafael Holdings, Inc. (NYSE:RFL). The purchase includes 2,514,970 shares of common stock and warrants to purchase an additional 2,514,970 shares of common stock, at a price of $0.835 per share and a warrant exercise price of $0.71 per share, with a term of seven years.
The private placement resulted in gross proceeds of $2.1 million. As part of the agreement, William Conkling, Chief Executive Officer of Rafael, will be nominated to the Board of Directors of Cyclo Therapeutics. This strategic move furthers their mission to develop life-changing medicines through science and innovation for patients and families living with diseases.
Cyclo Therapeutics aims to utilize the proceeds from the financing to bolster its working capital and general corporate purposes, enabling further development of its groundbreaking Trappsol® Cyclo™ programs.
Cyclo Therapeutics, led by CEO N. Scott Fine, has received a strategic investment from Rafael that will aid in their pursuit of a much-needed treatment for Niemann-Pick Disease Type C. The investment will propel the company’s pivotal Phase 3 study, TransportNPC™, with Trappsol® Cyclo™, towards their goal of providing a treatment option for patients with this rare, yet devastating, disorder.
Rafael is delighted to partner with Cyclo Therapeutics in their Phase 3 registrational clinical trial, which could bring much-needed relief to those suffering from a condition with few effective treatment options.
We believe this investment has the potential to be highly rewarding for our shareholders. As Chief Executive Officer of Rafael, William Conkling, expressed, “We are excited to make this significant investment to bring meaningful value to our shareholders.”
Cyclo Therapeutics has offered the above-described securities directly to Rafael in a private placement, in accordance with Section 4(a)(2) of the Securities Act of 1933 and Regulation D. These securities have not been registered with the Act or any applicable state securities laws, so they may not be offered or sold in the United States without an effective registration statement or an applicable exemption.
Don’t miss out on this incredible opportunity! Our securities are now available for sale in various states. If you’d like to make an offer to buy, or if you’re looking to sell, then you’ve come to the right place. Get in touch with us today and take advantage of this amazing opportunity.
About Rafael Holdings, Inc.
Rafael Holdings is a holding company with a passion for investing in, funding and developing innovative cancer therapies. We are committed to growing our portfolio through strategic investments and acquisitions in the pharmaceutical and biotech industries, as well as outside of them.
Our most notable investment is in Cornerstone Pharmaceuticals, Inc., formerly known as Rafael Pharmaceuticals Inc., a cancer metabolism-based therapeutics company that is dedicated to revolutionizing cancer treatments.
About Cyclo Therapeutics
Cyclo Therapeutics, Inc. is a pioneering biotechnology company that is committed to pioneering life-changing medicines in order to bring hope to patients and families struggling with disease. Their Trappsol® Cyclo™ is an orphan drug designated product that is currently being trialled in four clinical trials for Niemann-Pick Disease Type C, a rare and fatal genetic disorder.
In addition, the Company is conducting a Phase 2b clinical trial using Trappsol® Cyclo™ intravenously in early Alzheimer’s disease, based on promising data from an Expanded Access program for Alzheimer’s disease. With further indications for the active ingredient in Trappsol® Cyclo™ being developed, the Company is actively working to bring hope and healing to those in need.