Longeveron Announces Pricing of $5.25 Million Public Offering

MIAMI, April 08, 2024 (GLOBE NEWSWIRE) -- Longeveron Inc. (NASDAQ: LGVN) (“Longeveron” or “Company”), a clinical stage biotechnology company developing cellular therapies for life-threatening and chronic aging-related conditions such as hypoplastic left heart syndrome (HLHS), Alzheimer’s disease and Aging-related Frailty, today announced the pricing of a public offering of 2,234,043 shares of the Company’s Class A common stock (or pre-funded warrants in lieu thereof) and warrants to purchase up to 2,234,043 shares of Class A common stock at a combined offering price of $2.35 per share (or per pre-funded warrant in lieu thereof) and associated warrant. The warrants will have an exercise price of $2.35 per share and will be immediately exercisable upon issuance for a period of five years following the date of issuance. The closing of the offering is expected to occur on or about April 10, 2024, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company from the offering are expected to be approximately $5.25 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for its ongoing clinical and regulatory development of Lomecel-B for the treatment of several disease states and indications, including HLHS and Alzheimer’s disease, obtaining regulatory approvals, capital expenditures, working capital and other general corporate purposes.

Certain board members and insiders of the Company have indicated an interest in participating in the offering in an aggregate amount of up to $750,000, at the same terms and conditions.

The securities described above are being offered pursuant to a registration statement on Form S-1 (File No. 333-278073) originally filed with the Securities and Exchange Commission (“SEC”) on March 19, 2024, as amended, and became effective on April 8, 2024. The offering is being made only by means of a prospectus, which forms a part of the effective registration statement. A preliminary prospectus relating to the public offering has been filed with the SEC and is available on the SEC's website located at http://www.sec.gov. When available, electronic copies of the final prospectus may be obtained for free on the SEC's website located at http://www.sec.gov and may also be obtained, when available, by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at [phone] or e-mail at [e-mail].