Cyclo Therapeutics up 6% on $5M funding from Rafael
- Clinical stage biotechnology company, Cyclo Therapeutics (NASDAQ:CYTH) enters into an agreement with Rafael (NYSE:RFL) to purchase 4M shares and warrants for an aggregate purchase price of $5M.
- The warrants will have an exercise price of $1.25 and a term of seven years.
- The closing of the transaction is subject to the approval of its stockholders.
- Net proceeds will be used for working capital and general corporate purposes, including the support of Trappsol Cyclo development programs.
- The stock price is up 6.4%.