Full Press Release Details
Polyrizon Announces Pricing of $4.2 Million Initial Public Offering
and Listing on the Nasdaq Capital Market Under New Ticker "PLRZ"
Raanana, Israel, Oct. 28, 2024 (GLOBE NEWSWIRE) -- Polyrizon Ltd. (the
"Company" or "PLRZ"), a development stage biotech company specializing in the development of innovative medical device
hydrogels, today announced the pricing of its underwritten initial public offering of 958,903 units at a combined public offering price
of $4.38 per unit, with each unit each consisting of one ordinary share and three warrants to purchase one ordinary share per warrant,
with an initial exercise price of $4.38 per share. Aggregate gross proceeds are expected to be $4.2 million, prior to deducting underwriting
discounts and offering expenses.
In addition, PLRZ has granted Aegis Capital Corp. ("Aegis")
a 45-day option to purchase up to 143,835 additional units, equal to 15% of the number of ordinary shares sold in the offering solely
to cover over-allotments, if any. If Aegis exercises the option in full, the total gross proceeds of the offering including the overallotment
are expected to be approximately $4.82 million before deducting underwriting discounts and commissions and offering expenses. The offering
is expected to close on or about October 30, 2024, subject to customary closing conditions.
PLRZ plans to use net proceeds from the offering to fund preclinical
and clinical development of its product candidates, other research and development, repayment of certain outstanding debt, working capital
and general corporate purposes and possible future acquisitions.
PLRZ also announced that, in connection with the offering, its ordinary
shares been approved for listing and are expected to begin trading on the Nasdaq Capital Market under the symbol "PLRZ" on
Aegis Capital Corp. is acting as the sole book-running manager for
the offering. Greenberg Traurig is acting as counsel to the Company. Sichenzia Ross Ference Carmel LLP is acting as counsel to Aegis.
A registration statement on Form F-1 (No. 333-266745) relating to the
securities being sold in this offering was declared effective by the Securities and Exchange Commission (the "SEC") on October
28, 2024. The offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained, when available, on
the SEC's website, www.sec.gov, or by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas,
27th floor, New York, NY 10105, by email at syndicate@aegiscap.com, or by telephone at (212) 813-1010.
This press release shall not constitute an offer to sell or a solicitation
of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
We are a development stage biotech company specializing in the development
of innovative medical device hydrogels delivered in the form of nasal sprays, which form a thin hydrogel-based shield containment barrier
in the nasal cavity that can provide a barrier against viruses and allergens from contacting the nasal epithelial tissue. Our proprietary
Capture and Contain TM, or C&C, hydrogel technology, comprised of a mixture of
naturally occurring building blocks, is delivered in the form of nasal sprays, and potentially functions as a "biological mask"
with a thin shield containment barrier in the nasal cavity. We are further developing certain aspects of our C&C hydrogel technology
such as the bioadhesion and prolonged retention at the nasal deposition site for intranasal delivery of drugs. We refer to our additional
technology, which is in an earlier stage of pre-clinical development, that is focused on nasal delivery of active pharmaceutical ingredients,
or APIs, as Trap and Target , or T&T.
Forward Looking Statements
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Polyrizon intends such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 21E of the Exchange Act. These forward-looking statements can be about
future events, including the expected gross proceeds from the initial public offering, the expected date for the Company's ordinary
shares to begin trading on the Nasdaq Capital Market, the expected timing of the closing of the offering, the possible exercise of the
over-allotment option and the use of proceeds and statements regarding Polyrizon's intentions, objectives, plans, expectations, assumptions
and beliefs about future events, including Polyrizon's expectations with respect to the financial and operating performance of its business,
its capital position, and future growth. The words "anticipate", "believe", "expect", "project",
"predict", "will", "forecast", "estimate", "likely", "intend", "outlook",
"should", "could", "may", "target", "plan" and other similar expressions can generally
be used to identify forward-looking statements. Any forward-looking statements in this press release are based on management's current
expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially
and adversely from those set forth in or implied by such forward-looking statements. For a more detailed description of the risks and
uncertainties affecting the Company, reference is made to the Company's reports filed from time to time with the Securities and
Exchange Commission ("SEC"), including, but not limited to, the risks detailed in the Company's preliminary prospectus
(Registration No. 333-266745), filed with the SEC on October 2, 2024. All forward-looking statements contained in this press release speak
only as of the date on which they were made. Polyrizon undertakes no obligation to update such statements to reflect events that occur
or circumstances that exist after the date on which they were made.
Chief Executive Officer