Scilex subsidiary Semnur secures $20 million private placement

Scilex Holding Company (NASDAQ: SCLX) announced that its majority-owned subsidiary Semnur Pharmaceuticals and Denali Capital Acquisition Corp have entered into a purchase agreement for a $20 million private placement. The proceeds will fund the second Phase 3 clinical trial for SP-102, a dexamethasone sodium phosphate viscous gel treatment for lumbar radicular pain and sciatica.

Under the agreement, an investor will purchase 1,250,000 shares of the combined company at $16.00 per share following the completion of Semnur's business combination with Denali. The private placement is expected to close immediately after the business combination, which is anticipated to occur in September 2025.

Scilex also announced a leadership change. Jaisim Shah resigned as Chief Executive Officer and President of Scilex on August 17, 2025, though he will remain on the company's board of directors. Henry Ji, who previously served as Executive Chairman, was appointed as the new CEO and President of Scilex.

Shah will now focus full-time on his role as CEO and President of Semnur, the position he has held since co-founding the company in 2013. He continued in this role after Scilex acquired Semnur in 2019.

Semnur is developing SP-102 as a non-opioid pain therapy for patients with moderate to severe chronic radicular pain and sciatica. The company has completed one Phase 3 study for the treatment and received Fast Track status from the FDA in 2017.

The business combination between Semnur and Denali Capital Acquisition Corp will result in Semnur becoming a publicly traded company. Denali is a blank check company formed to complete business combinations with operating companies.

You May Also Be Interested In

• Celcuity prices $500 million convertible notes offering
• 3D Systems announces $40 million public stock offering
• OUTFRONT Media prices $500 million senior notes at 6% due 2034