Ensysce Biosciences, Inc. (ENSC) has experienced a decline of 0.42% in the aftermarket. However, the last trading session closed at $2.37 with a decrease of 4.44%.
$15 Million Convertible Note Financing
ENSC announced $15 Million Convertible Note Financing on 27th September 2021. ENSC stated that it has committed to a securities purchase agreement with institutional investors. Prior to fees and selling expenditures, the Investors provided initial financing of $5 million on September 24, 2021.
The Notes are transferable into ENSC common stock at a conversion price of $5.87. This is a 30% premium to the initial closing price. Moreover, the Notes will mature 21 months after the applicable closing date. It will bear interest at a rate of 5.0 percent per year from the day of issuance. This will be applicable with monthly principal payments in cash or common stock commencing roughly 90 days after the original closure. The Notes had a 6% discount when they were first released. The Warrants offer the option to buy up to 361,158 shares of common stock for $7.63 each, a 30% premium to the conversion price. Lastly, the Warrants have a five-year expiration date.
About ENSC
ENSC is a biotech firm dedicated to combating the scourge of prescription medication addiction. Their unique prodrug technologies, abuse-resistant TAAP, and overdose-resistant MPAR are designed to improve the treatment of chronic pain patients while lowering the human and financial consequences of prescription drug misuse.
ENSC Products & Clinical Programs
The TAAP platform, developed by ENSC, is a patented abuse-resistant prodrug technology that aims to enhance patient care while lowering the human and financial costs of prescription drug misuse. When exposed to simple extraction, TAAP efficiently resists chewing, crushing, injection, and inhalation. Not only does our TAAP technology function with all known opioids, but it also works with most medicines that have the potential, such as ADHD meds. Our TAAP medicines are in a competitive environment. This has given the rising desire of various government agencies, including the FDA, to shift to more abuse-resistant opioid treatments. MPAR is a first-of-its-kind product in the market, developed not just to combat addiction but also to save lives by avoiding overdose.
