Clene Welcomes New Shareholder Base and Announces Closing of Underwritten Public Offering of $40 Million

• Investment led by Vivo Capital with participation from SymBiosis, Acuta Capital Partners, AIGH Capital, Serrado Capital LLC, and other new biotech investors, with support from existing insiders 
  
• $40 million underwritten public offering with up to an additional potential $130.8 million in proceeds through future warrant exercises with accelerated expiration dates tied to satisfaction of regulatory milestones
  
• Aggregate financing expected to be sufficient to fund Company through anticipated milestones, including potential accelerated approval of CNM-Au8, a catalytically active gold nanocrystal suspension
  

SALT LAKE CITY, June 21, 2023 (GLOBE NEWSWIRE) -- Clene Inc. (NASDAQ: CLNN) (along with its subsidiaries, “Clene”) and its wholly owned subsidiary, Clene Nanomedicine, Inc., a clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative diseases, today announced the closing of an underwritten public offering of common stock and warrants with certain healthcare-focused institutional investors with total gross proceeds of $40 million and that may provide additional capital in the future through the exercise of warrants with accelerated expiration dates tied to satisfaction of regulatory milestones.

This financing was led by Vivo Capital with participation from SymBiosis, Acuta Capital Partners, AIGH Capital, Serrado Capital LLC and other new biotech investors with support from existing insiders.

This financing is expected to enable Clene to have sufficient cash to fund the Company through the potential accelerated approval of CNM-Au8, pending guidance from the FDA, and early commercialization of CNM-Au8, if approved.

David Matlin, Clene’s Chairman of the Board, added, “We are grateful for the support of both our biotech investors as well as existing shareholders, and, more importantly, their belief in the path to approval for CNM-Au8. We look forward to utilizing the capital raised in this offering to accelerate regulatory discussions and submissions with the FDA together with planning and preparation for commencing a global Phase 3 ALS clinical trial.”

About the Offering

Pursuant to the underwritten public offering, Clene issued (i) 50 million shares of its common stock and (ii) two tranches of warrants (each warrant to purchase one share of common stock). The combined offering price to the public of each share of common stock and accompanying warrants was $0.80.