Bellerophon Therapeutics (NSDQ:BLPH) said today that it inked a deal with new and existing investors to raise $23.4 million in a private placement of common stocks and warrants.
The financing was led by Puissance Capital Management and Venrock Healthcare Capital Partners, supported by existing investors like New Mountain Capital and Linde North America, the Warren, N.J.-based company said.
According to the deal, Bellerophon will sell 19.4 million shares of common stock and warrants to purchase 19.4 million shares of common stock for aggregate gross proceeds of $23.4 million. The warrants will have an exercise price of $1.242 per share and will be exercisable after six months, expiring five years from the date of issuance.
The sales of these securities is slated to take place on Sept. 29.
The company said it plans to use the funds to support the continued development of its INOpulse platform, including Phase III trials in pulmonary arterial hypertension and Phase II trials in pulmonary hypertension associated with interstitial lung disease and chronic obstructive pulmonary disease.
Earlier this month, Bellerophon touted data from a Phase II trial of its INOpulse therapy in patients with pulmonary hypertension associated with COPD.
The 10-patient trial was designed to evaluate the effects of pulsed, inhaled nitric oxide on targeted vasodilation and the chronic effect on hemodynamics and exercise capacity.
The data showed a statistically significant increase in blood vessel volume compared to baseline and a statistically significant increase in six-minute walking distance at 2 weeks and 4 weeks compared to baseline.
The study also showed a meaningful decrease in systolic pulmonary arterial pressure after 4 weeks. Bellerophon’s therapy was well tolerated, the company reported, with no related safety concerns.
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