Greenberg Traurig Assists Enlivex Therapeutics with $24.75 Million in Financing
Greenberg Traurig, P.A. Miami office Corporate Shareholders Robert L. Grossman and Drew M. Altman represented Enlivex Therapeutics, a clinical-stage immunotherapy company, in two registered direct offerings aggregating $24.75 in financing for the company. The Tel Aviv, Israel-based company intends to use the net proceeds from the offerings for clinical, regulatory, manufacturing, and research and development activities, potential acquisitions, and in-licensing, as well as for working capital and other general corporate purposes.
MIAMI, March 26, 2020 /PRNewswire-PRWeb/ -- Greenberg Traurig, P.A. Miami office Corporate Shareholders Robert L. Grossman and Drew M. Altman represented Enlivex Therapeutics (Nasdaq: ENLV), a clinical-stage immunotherapy company, in two registered direct offerings aggregating $24.75 in financing for the company. The Tel Aviv, Israel-based company intends to use the net proceeds from the offerings for clinical, regulatory, manufacturing, and research and development activities, potential acquisitions, and in-licensing, as well as for working capital and other general corporate purposes.
On Feb. 26, Enlivex closed a registered direct offering to certain institutional investors of 1,000,000 ordinary shares of the company at a purchase price of $8.00 per share for aggregate gross proceeds of $8.0 million.
On March 5, Enlivex closed a registered direct offering to certain accredited and healthcare-focused institutional investors of an aggregate of 2,093,750 ordinary shares of the company and warrants to purchase up to an aggregate of 2,093,750 ordinary shares at a combined purchase price of $8.00 per share and associated warrant, for aggregate gross proceeds of $16.75 million.
Both offerings closed after Enlivex announced on Feb. 24 that it was initiating a plan to increase its manufacturing capacity of AllocetraTM, following the first confirmed coronavirus (COVID-19) case in Israel, in preparation for potential requests for treatment of coronavirus (COVID-19) patients who are hospitalized with diagnosed organ dysfunctions or failures related to coronavirus.
AllocetraTM is Enlivex's experimental therapy being investigated for treatment of patients with organ failure associated with sepsis, a syndrome whose lethal pathophysiology - cytokine storm followed by organ failure - is similar to that of the coronavirus (COVID-19).
"We were very pleased to assist Enlivex with these challenging offerings that were both completed within a much shorter than typical time frame," said Grossman, chair of the Greenberg Traurig Israel Practice, which includes the firm's Tel Aviv office. "We are the only major international law firm with a multidisciplinary registered office in Tel Aviv. Greenberg Traurig is well-positioned to provide assistance to Israel-based companies, many of which are in the life sciences industry."
"It was rewarding to complete these significant capital raising transactions for Enlivex," said Altman, who is chair of the firm's Miami Corporate Practice and counsels both public and private companies in securities matters, capital markets transactions, mergers and acquisitions, financing transactions and general corporate and business law matters. "Greenberg Traurig's ability to scale up quickly to meet client needs plays a key role in our ability to complete transactions of this type – wherever and whenever needed."
About Greenberg Traurig, LLP: Greenberg Traurig, LLP (GT) has approximately 2200 attorneys in 41 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. Web: http://www.gtlaw.com Twitter: @GT_Law.
SOURCE Greenberg Traurig, P.A.
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