Clinical stage bio-pharmaceutical specializing in developing and advancing novel therapeutics to address unmet medical needs for patients suffering from central nervous (CNS) disorders and rare diseases Seelos Therapeutics Inc. (NASDAQ: SEEL) announced having raised $20 million from a private placement of senior secured convertible note.
The company had announced a $22 million placement of the senior secured convertible note and the company’s common stock to Lind Global Asset Management V LLC which is under the management of The Lind Partners, a New York based institutional fund manager which is also an existing investor in Seelos.
Seelos will be receiving $20 million in gross proceeds for this placement. The company’s chairman and CEO, Raj Mehra, says they will be using these proceeds for general corporate purposes and also to advance development of its product candidate.
“2021 has been a volatile year for the biotech sector and this financial commitment from the team at Lind further strengthens our balance sheet and provides for additional future funding. The team at Lind has been a terrific partner for us and their creative and innovative funding solutions are thoughtfully and strategically designed to fit the needs of their partners. We are proud to once again work together, and we look forward to the continued execution of our ongoing and future studies,” said the CEO.