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Nextage – Excess Demand In Shares Issuance. Raised NIS 3.7 Million

The controlling shareholder, Naxter, and the chairman of Nextage, Israel Makov, also participated in the offering.

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Nextage Therapeutics yesterday completed a private placement of shares and warrants. The company received slightly higher demand than the amount offered to the public, and the issue closed at the minimum price: NIS 2.3 per share and an option.

In a step of building trust, the controlling owner of the company, Nextar Chemharma, also participated in the offering, purchasing shares and options worth NIS 1.3 million. The company’s chairman, Israel Makov, purchased shares and options worth approximately NIS 130,000 in the offering.

Prior to the IPO, the company released a voluntary business update that included some news regarding the expansion of psychedelic-based pharmaceuticals.

Nextage has a subsidiary called IMIO, which coordinates all activities in the psychedelic field. IMIO has signed an agreement with the American company Mindmed (NYSE: MNMD) for the development of drugs that combine psychedelic molecules (ibogaine and its derivatives) with the company’s BTLS technology, which improves the drug’s ability to cross the blood-brain barrier.

During the second half of 2021 the company successfully completed the development of the formulation and analytical methods for combining noribogain with BTLS technology for entry into a preclinical trial. The company is expected to begin this preclinical trial during February 2022 and complete it during the second quarter of 2022. Completion of the clinical trial will be a significant milestone in both technological and commercial development. As defined in the contract with MindMed, after the completion of the milestone the parties will work to sign a full commercial agreement, which will, among other things, define indemnification for the company in respect of the intellectual property.

Nextage states that it intends to finance the activities of the subsidiary, IMIO, from its own sources, in order to preserve its holdings in the subsidiary. It is likely that some of the money raised today will be used to fund this activity.

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