Clene Nanomedicine Inc., a clinical-stage biopharmaceutical company based in Salt Lake City, has announced the closing of its merger with Tottenham Acquisition Ltd., headquartered in Hong Kong. The $31.9 million in proceeds to Clene included cash from Tottenham and a concurrent private placement investment in public equity (PIPE) financing led by existing Clene shareholders. Tottenham shareholders approved the transaction on Dec. 30.
The combined, publicly traded company will operate under the name Clene Inc., and its common stock began trading on the NASDAQ Capital Market on Dec. 31. Clene’s management team continues to the merged company.
“Since its inception, Clene has sought to revolutionize the treatment of neurodegenerative disease by leveraging the power of neuro-reparative nanocatalysis to enhance cellular bioenergetic mechanisms,” said Rob Etherington, president and CEO of Clene. “Through the successful execution of this strategy, we have advanced our lead asset, CNM-Au8, into Phase 2 and 3 clinical studies that aim to address neurodegenerative diseases of high unmet medical need, such as multiple sclerosis, Parkinson’s disease and amyotrophic lateral sclerosis. We are thrilled to have the added financial flexibility provided by Tottenham, our investors and existing shareholders as we advance these trials and the rest of our nanotherapeutic pipeline as a public company. This, combined with our interim clinical data set, leaves us well-positioned to deliver multiple value-creating milestones as we seek to shift the paradigm of neurodegenerative disease treatment and improve the lives of patients.”