NewcelX Ltd. Prices $1.55 Million Private Placement at $3.29 a Share

NewcelX Ltd. (Nasdaq: NCEL) priced a $1.55 million private placement at $3.29 per share Monday, Nov. 9, with net proceeds intended primarily to advance its lead type 1 diabetes program, NCEL-101.

The financing includes 471,125 common shares and warrants for 353,344 additional shares. NewcelX plans to combine the placement's net proceeds with cash on hand and the previously announced $25 million equity line, primarily to advance NCEL-101, its lead program for type 1 diabetes with Eledon Pharmaceuticals.

The company also plans to use funds for working capital and general corporate purposes.