GRI Bio closes $8 million public offering with warrants

GRI Bio, Inc. (NASDAQ: GRI) completed its public offering, raising approximately $8 million in gross proceeds before fees and expenses, the biotechnology company announced December 12.

The offering consisted of 10,666,667 shares of common stock and accompanying Series F warrants at a combined price of $0.75 per share. The warrants, which have an exercise price of $0.75 per share, are exercisable immediately and expire five years from issuance.

H.C. Wainwright & Co. served as the exclusive placement agent for the offering. If the warrants are fully exercised on a cash basis, GRI Bio could receive an additional $8 million in proceeds.

The company intends to use the net proceeds for product candidate development, working capital and general corporate purposes, according to the press release.

The securities were offered under a registration statement on Form S-1 that was declared effective by the Securities and Exchange Commission on December 11.

GRI Bio develops Natural Killer T cell modulators for treating inflammatory, fibrotic and autoimmune diseases. The company's lead program, GRI-0621, is an oral therapeutic candidate for idiopathic pulmonary fibrosis treatment.

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