INmune Bio Issues Equity Raise Of $40M At 18% Discount To Fund Alzheimer's Candidate Development

INmune Bio Inc INMB has announced a direct offering of 1.8 million shares at $22.00 per share for gross proceeds of approximately $40 million.
The offering will close by July 16.
A.G.P. Alliance Global Partners is acting as the sole placement agent for the offering.
INmune Bio will use the proceeds to advance its lead clinical candidate, XPro1595, in Alzheimer's disease, which is expected to enter the Phase 2 trial by the end of 2021.
"With this investment, we expect the Company's Phase II program in Alzheimer's disease is completely funded," said RJ Tesi, CEO.
In June, XPro1595 received the chemical drug name pegipanermin from the United States Adopted Name Council.
In January, Phase 1b study showed CSF biomarkers of neurodegeneration and synaptic dysfunction, and biomarkers improved after three months of therapy with XPro1595.
Price Action: INMB shares are down 8.6% at $24.38 during the market session on the last check Wednesday.