Clene Secures $7.3 Million in Funding, Extending Operational Runway for Neurodegenerative Disease Research

Clene Inc. (NASDAQ: CLNN), a late clinical-stage biopharmaceutical company, has successfully secured $7.3 million in funding through a combination of a registered direct offering and concurrent private placements. This financial boost comes at a critical juncture for the company as it advances its research into treatments for neurodegenerative diseases, including amyotrophic lateral sclerosis (ALS), multiple sclerosis (MS), and Parkinson's Disease (PD).

The funding round, which involved both a healthcare-focused institutional investor and existing shareholders, including company insiders, will provide Clene with the necessary capital to support its operations into the first quarter of 2025. This extended runway is crucial for the company as it continues to develop its lead drug candidate, CNM-Au8®, which has shown promise in restoring and protecting neurological function.

In addition to the new funding, Clene has renegotiated its existing debt facility with Avenue Venture Opportunities Fund, L.P. The amended terms will reduce or defer future monthly principal payments and extend the principal amortization period and final maturity date into the first half of 2025. This debt restructuring, combined with the new capital influx, significantly strengthens Clene's financial position and provides greater flexibility to pursue its research and development goals.

The implications of this funding are particularly significant given the potential impact of Clene's work on patients suffering from neurodegenerative conditions. CNM-Au8®, the company's flagship product, has demonstrated the ability to improve mitochondrial health and protect neuronal function. For patients with ALS and other debilitating neurological disorders, this research offers a glimmer of hope in a field where effective treatments are scarce.

Clene's pursuit of an accelerated approval pathway for CNM-Au8 in the treatment of ALS underscores the urgency of their work. The company has scheduled a meeting with the FDA before the end of November to discuss this possibility, which could potentially bring this innovative treatment to patients more quickly.

The successful completion of this funding round reflects investor confidence in Clene's approach and the potential of CNM-Au8®. It also highlights the growing interest in and support for research into neurodegenerative diseases, which affect millions of people worldwide and for which current treatment options are limited.

As Clene moves forward with its strengthened financial position, the biotech industry and patients alike will be watching closely. The company's progress could not only advance the understanding of neurodegenerative diseases but also potentially offer new therapeutic options for those affected by these challenging conditions. The next few years will be critical as Clene works to translate its promising research into tangible benefits for patients, potentially reshaping the landscape of neurodegenerative disease treatment.