Polyrizon Ltd., a development-stage biotechnology company, has successfully closed a private placement transaction, securing approximately $17 million in gross proceeds. The funding will support the company's ongoing research and development of its proprietary nasal hydrogel technology, which aims to provide innovative solutions for virus and allergen protection.
The private placement involved the sale of ordinary shares and investor warrants at $0.48 per unit, with Aegis Capital Corp. serving as the exclusive placement agent. Legal counsel for the transaction was provided by Greenberg Traurig, P.A. for Polyrizon, and Kaufman & Canoles, P.C. for Aegis.
Polyrizon's primary technological focus is its Capture and Contain (C&C) hydrogel platform, which creates a thin protective barrier in the nasal cavity. This innovative approach potentially functions as a 'biological mask' by preventing viruses and allergens from making direct contact with nasal epithelial tissue. The hydrogel is composed of naturally occurring building blocks and is delivered through nasal spray formulations.
The company is also developing additional technological aspects, including enhancing bioadhesion and prolonged retention at nasal deposition sites. Another emerging technology, called Trap and Target (T&T), is focused on intranasal delivery of active pharmaceutical ingredients and is currently in the pre-clinical development stage.
This funding represents a significant milestone for Polyrizon, providing critical resources to advance its research and potentially bring groundbreaking nasal protection technologies to market. The investment could have broader implications for respiratory health, offering new strategies for preventing viral transmission and managing allergic responses.
The capital raised will be used for general corporate purposes and working capital, enabling the company to continue its research and development efforts in developing advanced intranasal medical technologies.
