Semnur Pharmaceuticals, Inc. (OTC: SMNR), a majority-owned subsidiary of Scilex Holding Company (NASDAQ: SCLX), has signed a binding term sheet for a proposed $100 million strategic investment from iHolding Group LLP, a private investment group based in Almaty, Kazakhstan.

Under the terms of the agreement, iHolding would purchase approximately 10 million newly issued shares of Semnur common stock at $10.00 per share. The proposed funds would be directed toward advancing Semnur's pipeline, including its ongoing Phase 3 clinical program for SEMDEXA (SP-102), a non-opioid gel formulation administered epidurally for moderate to severe chronic radicular pain. Additional uses would include product development, acquisitions, strategic partnerships, working capital, intellectual property expansion, and general corporate purposes.

The transaction remains subject to completion of due diligence, execution of definitive agreements, board approvals, and other customary closing conditions, including any required regulatory approvals.

SEMDEXA holds FDA Fast Track designation. Semnur is headquartered in Palo Alto, California.