Silo Pharma (NASDAQ: SILO), a developmental-stage biopharmaceutical company focused on developing novel formulations and drug-delivery systems for traditional therapeutics and psychedelic treatments, has entered into definitive agreements for the purchase and sale of common stock. Specifically, the agreements are for a registered direct offering of 917,432 shares of common stock for $2.18 per share. In addition, the company announced a concurrent private placement that included the issuance of unregistered warrants to purchase up to 917,432 shares of common stock; those shares will be offered at an exercise price of $2.06 per share and will be immediately exercisable upon issuance with an expiration date five years following the date of issuance. Gross proceeds from the offering will be expected to reach an estimated $2 million. The company noted that the offering, which will be subject to closing conditions, is anticipated to close on or about June 6, 2024. The company anticipates using funds from the agreement for working capital and general corporate purposes. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
To view the full press release, visit https://ibn.fm/YsvEe
About Silo Pharma Inc.
Silo Pharma is a developmental-stage biopharmaceutical company developing novel therapeutics that address underserved conditions including stress-induced psychiatric disorders, chronic pain conditions and central nervous system (“CNS”) diseases. Silo focuses on developing traditional therapies and psychedelic treatments in novel formulations and drug-delivery systems. The company’s lead program, SPC-15, is an intranasal treatment targeting post-traumatic stress disorder (“PTSD”) and stress-induced anxiety disorders. SP-26 is a time-release, ketamine-loaded implant for fibromyalgia and chronic pain relief. Silo’s two preclinical programs are SPC-14, an intranasal compound for the treatment of Alzheimer’s disease, and SPU-16, a CNS-homing peptide targeting multiple sclerosis (“MS”). Silo’s research and development programs are conducted through collaborations with Columbia University and the University of Maryland, Baltimore. For more information about the company, visit www.SiloPharma.com.
NOTE TO INVESTORS: The latest news and updates relating to SILO are available in the company’s newsroom at https://ibn.fm/SILO
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