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Cyclo Therapeutics Announces Execution of Definitive Agreement with Rafael Holdings, Inc. Providing for $5.0 Million of Additional Funding Via a Private Placement

By AP News - Jun 05, 2023, 08:09 AM ET
Last Updated - Aug 12, 2024, 07:06 AM EDT
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Cyclo Therapeutics intends to use the net proceeds from the financing for working capital and general corporate purposes, including the support of its Trappsol ® Cyclo™ development programs

Cyclo Therapeutics, Inc. (Nasdaq: CYTH) (“Cyclo Therapeutics” or the “Company”), a clinical stage biotechnology company dedicated to developing life-changing medicines through science and innovation for patients and families living with diseases, today announced that it has entered into a binding agreement with Rafael Holdings, Inc. (NYSE:RFL)

GAINESVILLE, Fla.--(BUSINESS WIRE)--Jun 5, 2023--

Cyclo Therapeutics, Inc. (Nasdaq: CYTH) (“Cyclo Therapeutics” or the “Company”), a clinical stage biotechnology company dedicated to developing life-changing medicines through science and innovation for patients and families living with diseases, today announced that it has entered into a binding agreement with Rafael Holdings, Inc. (NYSE:RFL) (“Rafael”) under which Rafael has agreed to purchase 4,000,000 shares of common stock of Cyclo Therapeutics and warrants to purchase an additional 4,000,000 shares of common stock of Cyclo Therapeutics, for an aggregate purchase price of $5,000,000. The warrants will have an exercise price of $1.25 and a term of seven years. The closing of the transaction is subject to the Company obtaining the approval of its stockholders to the investment by Rafael pursuant to Nasdaq Listing Rules 5635(b) and 5635(d), as well as other customary conditions to closing. Pursuant to the definitive agreement, the Company agreed to nominate a designee to be named by Rafael to the Board of Directors of Cyclo Therapeutics following the closing of the transaction.

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Cyclo Therapeutics intends to use the net proceeds from the financing for working capital and general corporate purposes, including the support of its Trappsol ® Cyclo™ development programs.

N. Scott Fine, CEO of Cyclo Therapeutics, commented, “In our commitment to developing a much-needed treatment option for people living with Niemann-Pick Disease Type C, we continue to build a community of like-minded partners. With that in mind, we are thrilled to strengthen our partnership with Rafael Holdings and our shared vision for the future for the NPC community.”

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