Full Press Release Details
Pharmaceuticals Announces $6.6 million Private Placement Financing
Texas (September 26, 2022) - Anebulo Pharmaceuticals, Inc. (Nasdaq: ANEB), a clinical-stage biopharmaceutical company developing
novel solutions for people suffering from acute cannabinoid intoxication (ACI) and substance addiction (the "Company" or
"Anebulo"), today announced that it has agreed to sell an aggregate of 2,264,650 common shares and accompanying warrants
to purchase up to 2,264,650 shares of common stock to certain institutional accredited investors through a private investment in public
equity ("PIPE") financing at a price of $2.935 per share and accompanying warrant.
The warrants have an exercise price of $4.215
per share, are exercisable
immediately, and will expire five years following the date of issuance.
The closing of the PIPE is expected to occur on or about September 29, 2022, subject to customary closing conditions.
PIPE financing included participation from new and existing investors, including 22NW, L.P. and its affiliates.
Company anticipates using the net proceeds from the private placement to advance the development of ANEB-001 and for other general corporate
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.
Anebulo Pharmaceuticals, Inc.
Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing novel solutions for people suffering from acute cannabinoid
intoxication and substance addiction. Its lead product candidate, ANEB-001, is currently in a Phase 2 clinical trial (www.clinicaltrials.gov/ct2/show/NCT05282797)
to evaluate its utility in reversing the negative effects of acute cannabinoid intoxication within one hour of administration. This
trial is being run in the Netherlands by the Centre for Human Drug Research (CHDR). ANEB-001 is a competitive antagonist at the human
cannabinoid receptor type 1 (CB1). For further information about Anebulo, please visit www.anebulo.com.
contained in this press release that are not statements of historical fact are forward-looking statements as defined in Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, these forward-looking
statements can be identified by words such as "anticipate," "expect" and other comparable terms. Forward-looking
statements include statements regarding the timing, size and completion of the private placement as well as the anticipated use of the
net proceeds therefrom. You are cautioned that any such forward-looking statements are not guarantees of future performance and are subject
to a number of risks, uncertainties and assumptions, including, but not limited to, risks associated with market conditions and the Company's
business. These and other risks are described in under the "Risk Factors" heading of Anebulo's most recent annual report
on Form 10-K filed with the Securities and Exchange Commission (SEC) on September 9, 2022. All forward-looking statements made in this
press release speak only as of the date of this press release and are based on management's assumptions and estimates as of such
date. Except as required by law, Anebulo undertakes no obligation to update or revise forward-looking statements to reflect new information,
future events, changed conditions or otherwise after the date of this press release.
Pharmaceuticals, Inc.
of Investor Relations and Public Relations