GRI Bio Announces Pricing of $5.5 Million Public Offering

LA JOLLA, CA, Feb. 02, 2024 (GLOBE NEWSWIRE) -- GRI Bio, Inc. (NASDAQ: GRI) (“GRI Bio” or the “Company”), a biotechnology company advancing an innovative pipeline of Natural Killer T (“NKT”) cell modulators for the treatment of inflammatory, fibrotic and autoimmune diseases, today announced the pricing of its “reasonable best efforts” public offering (the “Offering”) with participation from healthcare focused institutional investors for the purchase and sale of 5,000,000 shares of common stock (or common stock equivalents in lieu thereof) at a purchase price of $1.10 per share. The Company further agreed to issue to the investors Series B-1 Warrants to purchase up to 5,000,000 shares of common stock and Series B-2 Warrants to purchase up to 5,000,000 shares of common stock. The Series B-1 and Series B-2 Warrants will have an exercise price of $1.10 per share, will be exercisable immediately following the date of issuance and will expire in five years and eighteen months, respectively.

The closing of the Offering is expected to occur on or about February 6, 2024, subject to the satisfaction of customary closing conditions. The gross proceeds from the Offering are expected to be approximately $5.5 million. The Company intends to use the net proceeds from the Offering for working capital and other general corporate purposes.

A.G.P./Alliance Global Partners is acting as the sole placement agent for the Offering.

The securities described above are being offered pursuant to a registration statement on Form S-1 (File No. 333-276205) previously filed with the Securities and Exchange Commission (“SEC”) which became effective on February 1, 2024. The Offering is being made only by means of a prospectus forming part of the effective registration statement. A preliminary prospectus relating to the Offering has been filed with the SEC. An electronic copy of the final prospectus will be filed with the SEC and may be obtained, when available, on the SEC’s website located at http://www.sec.gov and may also be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at [phone], or by email at [e-mail].