Enveric Biosciences, Inc. (NASDAQ: ENVB), a patient-first biotechnology company developing novel cannabinoid medicines to improve quality of life for cancer patients, today announced the closing on February 11, 2021 of its previously announced registered direct offering of 3,007,026 shares of its common stock, at a purchase price of $4.27 per share for gross proceeds of approximately $12,840,000. Enveric has also issued to the investors unregistered warrants to acquire 1,503,513 shares of common stock at $4.90 per share, exercisable immediately and terminating five years after the date of issuance.
The net proceeds to Enveric from this offering are approximately $11.5 million after deducting financial advisory fees and other costs and expenses of the offering. Enveric intends to use the net proceeds from this offering for working capital and general corporate purposes.
Palladium Capital Group, LLC acted as a financial advisor to the Company.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Enveric Biosciences
Enveric Biosciences is a patient-first biotechnology company developing rigorously tested, novel cannabinoid medicines to improve quality of life for cancer patients. Initial indications include radiodermatitis, a common and often severe side effect of radiation therapy, and chemotherapy-induced neuropathy. For more information, please visit https://www.enveric.com/.