Rani Therapeutics raises $60.3 million in oversubscribed private placement

Rani Therapeutics Holdings Inc. (NASDAQ: RANI) completed a private placement raising $60.3 million in gross proceeds before fees and expenses, the company announced.

The financing was led by Samsara BioCapital, with participation from RA Capital Management, Anomaly, Special Situations Funds, Invus, and executive chairman Mir Imran. The private placement was priced at-the-market under Nasdaq rules.

The company issued 42,633,337 shares of Class A common stock at $0.48 per share and pre-funded warrants to purchase up to 82,366,667 shares at $0.4799 per warrant. Each share and pre-funded warrant includes an accompanying warrant to purchase one additional share at $0.48 per share, exercisable for five years following stockholder approval.

As part of the transaction, Avenue Venture Opportunities Fund converted $6 million of outstanding debt into 12,500,000 shares and accompanying warrants on the same terms as other investors.

H.C. Wainwright & Co. served as lead placement agent, with Maxim Group LLC as co-placement agent.

Both Samsara and Anomaly received rights to designate one board member each.

The net proceeds, combined with a $10 million upfront payment and expected $18 million technology transfer milestone from a collaboration agreement with Chugai Pharmaceuticals, are expected to fund operations into 2028, according to the company. The funds will support advancement of Rani's pipeline using its RaniPill platform for oral delivery of biologics.

Rani Therapeutics is a clinical-stage biotherapeutics company developing oral delivery technologies for biologics and drugs that typically require injection or infusion.

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