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news.Aeolus Pharmaceuticals, a developer of catalytic anti-oxident therapeutics, has completed a $1.5 million financing with two existing institutional shareholders, both of which are affiliates of Xmark Opportunity Partners.
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Under the terms of the financing agreement, Aeolus received $1.5 million in gross proceeds in exchange for 5.35 million shares of Aeolus Pharmaceuticals common stock, and five year warrants to purchase up to 13.39 million additional shares of Aeolus Pharmaceuticals common stock at an initial exercise price of $0.35 per share.
The proceeds from the transaction will be used to fund animal efficacy studies in acute radiation syndrome, manufacturing of drug substance and for general corporate purposes.
John McManus, president and CEO of Aeolus, said: “We are grateful for the continued support of Xmark and look forward to the progress this investment will allow us to make in the further development of AEOL 10150 as a potential broad spectrum countermeasure and ultimately as a treatment for cancer patients receiving radiation therapy.”