Rezolute announces closing of registered direct offering

Rezolute announced the closing of its previously announced underwritten registered direct offering of an aggregate of 18,026,315 shares of its common stock at an offering price of $3.80 per share, and, to certain investors in lieu of common stock, pre-funded warrants to purchase up to 12,921,055 shares of common stock at an offering price of $3.799 per pre-funded warrant, which represents the per share offering price for the common stock less the $0.001 per share exercise price for each pre-funded warrant. Certain of the pre-funded warrants offered to investors are only exercisable upon receipt of stockholder approval of an increase in the authorized shares of Rezolute's common stock which Rezolute will first seek to obtain at an annual meeting of stockholders to be held by June 30, 2022, and the shares of common stock underlying such pre-funded warrants are not being registered under the Securities Act of 1933, as amended. Concurrent with the underwritten registered direct offering, certain existing investors agreed to purchase pre-funded warrants to purchase up to 3,263,157 shares of common stock in a private placement at the same offering price as the offering price of the pre-funded warrants offered in the underwritten registered direct offering. The concurrent private placement is expected to close subject to satisfaction of the closing conditions. Net proceeds from the registered direct offering and the concurrent private placement is expected to be approximately $121.9 million. Rezolute intends to use the net proceeds from the offering to fund the continued activities for development of RZ358 for Congenital Hyperinsulinism and RZ402 for Diabetic Macular Edema and other pipeline development, and for working capital and general corporate purposes. The financing is backed by notable growth and life science investors including Acuta Capital Partners, Adage Capital Partners LP, CAM Capital, Federated Hermes Kaufmann Funds, Janus Henderson Investors, Medical Strategy GmbH, Sphera Healthcare, Stonepine Capital Management and Vivo Capital. Jefferies acted as the lead book-running manager, Cantor acted as passive bookrunner, Canaccord Genuity and JMP Securities, A Citizens Company, acted as co-lead managers and H.C. Wainwright & Co. acted as co-manager for the underwritten registered direct offering.