Polyrizon Secures $3.5 Million in Funding to Advance Intranasal Protective Technology
Polyrizon Ltd. has raised $3.5 million through a registered direct offering and private placement to fund development of its nasal spray hydrogel technology designed to create protective barriers against viruses and allergens.
Polyrizon Ltd. (NASDAQ: PLRZ), a pre-clinical-stage biotechnology company, has closed a registered direct offering and concurrent private placement with a single institutional investor, generating approximately $3.5 million in gross proceeds. The company, which specializes in developing intranasal protective solutions, plans to use the proceeds for working capital and general corporate purposes as it advances its innovative hydrogel technology.
The transactions involved the sale of 388,888 units or pre-funded units at a combined price of $9.00 per unit, consisting of ordinary shares or pre-funded warrants and common warrants. Additional pre-funded and common warrants were issued in the private placement. Aegis Capital Corp. acted as exclusive placement agent for the offering, which represents a significant financial milestone for the development-stage company.
Polyrizon's technology focuses on creating protective barriers in the nasal cavity through hydrogel-based nasal sprays. The company's proprietary Capture and Contain hydrogel technology forms a thin shield containment barrier that can provide protection against viruses and allergens from contacting nasal epithelial tissue. This approach functions as what the company describes as a "biological mask" within the nasal cavity, potentially offering a novel method of protection against airborne pathogens.
The company is further developing aspects of its hydrogel technology, including bioadhesion and prolonged retention at the nasal deposition site for intranasal drug delivery. Polyrizon refers to this additional technology, which is in an earlier stage of pre-clinical development, as Trap and Target, focused on nasal delivery of active pharmaceutical ingredients. More information about the company's technology and development programs can be found at https://polyrizon-biotech.com.
The funding announcement comes as biotechnology companies continue to seek innovative approaches to viral protection and drug delivery systems. Polyrizon's approach to creating physical barriers within the nasal cavity represents a different strategy from traditional pharmaceutical interventions, potentially offering protection against a range of airborne threats. The successful $3.5 million financing provides the company with resources to advance its pre-clinical development work and explore the commercial potential of its hydrogel technology platform.