Nfl biosciences: NFL Biosciences biotech raises funds to fight addiction to tobacco and alcohol
(BFM Bourse) – The biopharmaceutical company has raised more than 3 million euros to finance the development of its clinical programs in smoking cessation and of a drug candidate intended to reduce alcohol consumption.
NFL Biosciences’ flash fundraiser is a huge success. The company specializing in the treatment of dependencies and addictions collected more than 3 million euros Monday evening after the stock market to finance its main clinical programs in smoking cessation and in reducing alcohol consumption.
As with Carmat last December or other innovative companies, individual investors were able to participate in NFL Biosciences’ express fundraising via the PrimaryBid platform alongside professional investors.
Thus, this operation was carried out in two distinct but concurrent parts. The offer reserved for French and international investors was subscribed for up to 2.5 million euros, while the « accessory » public offer intended for retail investors by the PrimaryBid platform was capped at 0.6 million euros. Not all requests have been met. The operation was more successful than expected since more than 1,000 orders were received by the platform for an amount of 1.6 million euros. This is three times more than the ceiling authorized by PrimaryBid, set at 20% of the total amount of the transaction for the offer intended for individuals.
NFL Biosciences also indicates that the fundraising was carried out at a price of 2.23 euros per share. thus representing a discount of almost 30% compared to the closing price of Monday at 3.15 euros. The action is currently dropping nearly 18% to 2.59 euros around 2:45 p.m. after this operation.
The funds raised as part of the operation will in particular make it possible to complete the financing of the phase II/III study (intermediate and final stages of clinical trials) Cesto II, aimed at demonstrating the effectiveness of its botanical drug candidate NFL -101 for smoking cessation, and the Precesto study, evaluating the potential of NFL-101 to be associated with nicotine replacement therapy. NFL-101 is a derivative of a subcutaneous desensitization treatment which had been developed by the Institut Pasteur against allergies in tobacco factory workers. The group plans to use the funds raised to pursue the development of NFL-301, intended to reduce alcohol consumption.
Financial visibility until March 2024
The need for cash was imminent for NFL Biosciences which was short of cash at the end of the 2nd quarter of 2023. Given the current level of cash and the estimated proceeds of this fundraising, NFL Biosciences can see coming until March 2024.
To « extend this cash horizon », NFL Biosciences has also applied for two other grants for a total amount currently of 1.7 million euros and the examination of which is in progress. The response from the Public Investment Bank is expected during the first quarter of 2023, specifies the company, which indicates that it continues to seek “non-dilutive financing solutions from French and European institutions”.
The company made its first public appearance in June 2021 with the ambition of launching a potential blockbuster in the smoking cessation market. In parallel, NFL Biosciences is developing natural drug candidates for the treatment of two other addictions: that linked to cannabis (NFL-201) and that associated with alcohol (NFL-301).
Sabrina Sadgui – ©2023 BFM Bourse
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