Beyond Air Inc is a medical technology company focused on developing innovative therapies for respiratory diseases
The company harnesses the power of nitric oxide, a naturally occurring gas, to create non-invasive treatments aimed at improving lung function and overall patient health. By leveraging its proprietary nitric oxide delivery system, Beyond Air seeks to address significant unmet medical needs in patients suffering from conditions such as asthma and other chronic respiratory ailments. Their commitment to advancing respiratory care aims to enhance the quality of life for patients while promoting safety and efficacy in treatment options.
Beyond Air(R) (NASDAQXAIR), a commercial-stage medical device and biopharmaceutical company focused on harnessing the power of endogenous and exogenous nitric oxide (“NO”) to improve the lives of patients suffering from respiratory illnesses, neurological disorders and solid tumors, has entered into a securities purchase agreement. The agreement is with healthcare-focused institutional investors and accredited investors, including certain directors and officers of the company. According to the agreement, investors have agreed to purchase 9,638,556 shares of the company’s common stock and warrants at a purchase price of $1.66 per share and accompanying warrant, resulting in gross proceeds of approximately $16 million, before standard deductions of fees and expenses. The company anticipates using the funds from the offering for commercial sales development, research, working capital and other general corporate purposes. “The warrants have an exercise price of $2.25 per share, will be exercisable immediately upon issuance and will have a term of three years following the date of issuance,” stated the press release. “The company can call the warrants if it reports equal to or greater than $4.5 million of net sales for the quarter ending March 31, 2025, which will require exercise within 10 business days. The closing of the offering is expected to occur on or about March 22, 2024, subject to the satisfaction of customary closing conditions.”
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