What's Going On With NLS Pharmaceutics Shares Monday?

NLS Pharmaceutics Ltd. (NASDAQ:NLSP) shares are trading higher on Monday after the company announced it secured up to $2 million in equity financing, with a possibility of an additional $1 million, or $1.65 per share.

What To Know: In addition to the $3 million financing agreement, NLS also signed a $25 million committed equity facility agreement. Both funding agreements are intended to support the merger between NLS and Kadimastem.

Specifically, the funding will support Kadimastem’s Phase IIa multi-site clinical trial for Amyotrophic Lateral Sclerosis using AstroRx and Phase I trial for IsletRx in type 1 diabetes patients.

“We are pleased to have secured this capital on favorable terms, which reflects investor confidence in our vision and the transformative potential of our planned merger with Kadimastem,” said Alex Zwyer, CEO of NLS.

“We believe that with these financial resources in place, we are well-positioned to move forward with completing the transaction and creating a leading company in the field of regenerative medicine and CNS disorders.”

See Also: Palatin Technologies’ Obesity Drug Co-Administered With Eli Lilly’s Blockbuster Drug Shows 4.4% Reduction In Weight

NLSP Price Action: At the time of writing, NLS Pharmaceutics stock is trading 13.1% higher at $1.47, according to data from Benzinga Pro.

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