PainReform (PRFX) Announces $6 Million Private Placement of Ordinary Shares, Warrants

PainReform Ltd. (Nasdaq: PRFX) (“PainReform” or the “Company”), a clinical stage specialty pharmaceutical company focused on the reformulation of established therapeutics, today announced that it has entered into securities purchase agreements with certain institutional investors to raise approximately $6.0 million through the private placement of 1,304,346 ordinary shares and accompanying warrants to purchase an aggregate of up to 652,173 ordinary shares at a combined purchase price of $4.60 per share and accompanying warrant. The warrants will be exercisable immediately at an exercise price of $4.60 per share and will expire five and a half years from the date of issuance. The closing of the private placement is expected to occur on March 10, 2021, subject to the satisfaction of certain customary closing conditions set forth in the securities purchase agreements.

Maxim Group LLC is acting as the lead placement agent and Joseph Gunnar & Co., LLC is acting as co-placement agent for the transaction.

The ordinary shares and warrants described above have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (SEC) or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the SEC covering the resale of the ordinary shares and the shares issuable upon exercise of the warrants.

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