Tenax Therapeutics Raises $10 Million in Underwritten Offering to Advance Levosimendan for Pulmonary Hypertension

VCBeat (WeChat ID: vcbeat) has learned that U.S. biopharmaceutical company Tenax Therapeutics (NASDAQ: TENX) announced on December 11 (local time) the completion of an underwritten offering with total gross proceeds of approximately $10 million (before deducting underwriting discounts, commissions, and offering expenses).

Tenax, founded in 1967 and headquartered in North Carolina, is a biopharmaceutical company dedicated to identifying, developing, and commercializing products for the critical care medical market. The company holds the rights to develop and commercialize Levosimendan in North America and is currently conducting Phase II clinical trials of Levosimendan for heart failure and pulmonary hypertension-related conditions.

Levosimendan is a novel calcium sensitizer that treats pulmonary hypertension and heart failure–related conditions through a unique triple mechanism of action (positive inotropic effect, vasodilation, and cardioprotection). The drug was discovered and developed by Orion Pharma, a pharmaceutical and diagnostics company headquartered in Espoo, Finland. Initially indicated for acute decompensated heart failure, it has now been approved in more than 60 countries.

A total of 5,181,346 stock trading units were issued in this offering, with an issue price of $1.93 per unit. Each unit consists of one share of Series A convertible preferred stock (with a conversion price of RMB 1.93 per share), a two-year option warrant to purchase one share of common stock at an exercise price of $1.93 per share, and a five-year warrant to purchase one share of common stock at an exercise price of $1.93 per share.

The Series A Convertible Preferred Shares issued in this transaction are subject to beneficial ownership limitations upon conversion, but do not carry dividend rights (unless dividends are also paid on the Common Stock), liquidation preferences, or other preferences over Common Stock, nor do they have voting rights (subject to certain customary exceptions). The Series A Convertible Preferred Shares feature full-ratchet anti-dilution protection. The exercise price of the warrants is fixed and does not contain any variable pricing provisions or any price-based anti-dilution provisions. The securities comprising the stock purchase units may be immediately separated and issued separately.

The convertible preferred shares issued in this offering total 5,181,346 shares, which are convertible into 5,181,346 shares of common stock, with a total of 10,362,692 subscription warrants. Ladenburg Thalmann, a subsidiary of Ladenburg Thalmann Financial Services, served as the sole book-running manager (lead underwriter) for this offering. On December 7 (U.S. time), the U.S. Securities and Exchange Commission (SEC) declared Tenax’s registration statement effective.

Ladenburg Thalmann Financial Services is a full-service financial firm, founded in 1876 and headquartered in Florida, USA.

The company is committed to meeting customers’ diverse and evolving needs by providing a full suite of innovative, customized financial solutions. Having acquired five industry-leading independent broker-dealers and consulting firms over the past decade, it has emerged as a leading innovator in network models for independent brokers, dealers, and advisory services.

Orion is a Finnish pharmaceutical company primarily engaged in the research and development, production, and sales of human medicines, veterinary drugs, and active pharmaceutical ingredients. The company continues to increase its investment in the R&D of new drugs and therapeutic approaches, with core therapeutic areas for its existing portfolio including central nervous system disorders, oncology, and respiratory diseases.

Orion’s production facilities, R&D centers, and sales markets are all located in Finland. Its customer base includes general practitioners, veterinarians, pharmacies, hospitals, healthcare centers, medical clinics, and laboratories, with pet-owning consumers also constituting a significant customer segment for the company.

Orion’s Class A and Class B shares are listed on Nasdaq Helsinki (Helsinki Stock Exchange) under the ticker symbol ORNBV.