NFL Biosciences Successfully Raises Over €3 Million in Capital Increase

NFL Biosciences, a Montpellier, France-based biopharmaceutical company, has announced the successful completion of a capital increase, raising a total of €3,089,175.75. This fundraising was achieved through the issuance of new shares, attracting both professional and retail investors. The professional investors contributed €2.5 million, while retail investors participated through the PrimaryBid platform, raising €0.6 million. This capital is earmarked for advancing the company's drug candidates, NFL-101 and NFL-301, targeting smoking and alcohol addiction treatments.

Ignacio Faus, Chairman and CEO, expressed gratitude towards the investors and highlighted the funds' role in advancing the clinical and development stages of NFL-101 and NFL-301. The company is set to begin Phase 3 clinical trials for NFL-101, a nicotine-free botanical drug, and continue developing NFL-301 for reducing alcohol consumption. Approximately 65% of the raised funds will support NFL-101's development, with 20% allocated to NFL-301. The remainder is designated for operational expenses.

This financial boost allows NFL Biosciences to extend its cash horizon till the end of Q2 2025, with the company seeking additional non-dilutive funding sources. The recent capital increase was conducted under the terms approved at the June 27, 2023, General Meeting, with shares priced at a discount. Following the transaction, NFL Biosciences' share capital now consists of 9,613,684 ordinary shares.