Telomir Pharmaceuticals (TELO) said Wednesday it has obtained $3 million in equity financing through a direct investment from its largest shareholder The Bayshore Trust.
The deal, which involved the purchase of 1 million Telomir restricted shares at $3 apiece, was structured as a straight stock transaction with no warrants, discounts, and convertible features, the company said.
Telomir said the investment will fund its upcoming submission of its investigational new drug application for a rare disease indication.
Shares of the company fell 3.1% in recent trading.
Price: 2.22, Change: -0.07, Percent Change: -3.10
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