Talphera, Inc. (TLPH) entered securities purchase agreements with CorMedix Inc. and institutional investors for a private placement of common stock and pre-funded warrants, with potential proceeds of up to $29 million.
The financing includes $17 million at the first closing on September 10, 2025, and $12 million in a second tranche contingent on achieving the primary endpoint in the NEPHRO CRRT study and meeting minimum stock price conditions.
CEO Vince Angotti said the funding allows Talphera to be fully financed through a potential approval of Niyad PMA, expected in the second half of next year. He noted that CorMedix's strategic investment and support from institutional investors underscore confidence in Niyad, which could become the first FDA-approved regional anticoagulant for CRRT. He added that accelerated enrollment in the NEPHRO CRRT study supports completing the trial by year-end.
In the first closing, Talphera will issue over 25 million shares and nearly 6 million pre-funded warrants at $0.55 per share and $0.549 per warrant, respectively. CorMedix also gains a 60-day exclusivity period following NEPHRO CRRT results to negotiate a potential acquisition of Talphera, along with board nomination rights.
The securities are being sold under a private placement exemption, with Talphera agreeing to file a resale registration statement with the SEC within 15 days of closing.
TLPH currently trades at $0.7127 or 29.7977% higher on the NasdaqCM.
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