Longeveron Announces Closing of $5.2 Million Public Offering

MIAMI, April 11, 2024 (GLOBE NEWSWIRE) -- Longeveron Inc. (NASDAQ: LGVN) (“Longeveron” or the “Company”), a clinical stage biotechnology company developing cellular therapies for life-threatening and chronic aging-related conditions such as hypoplastic left heart syndrome (HLHS), Alzheimer’s disease and Aging-related Frailty, today announced the closing of its previously announced public offering of up to 2,234,043 shares of the Company’s Class A common stock (or pre-funded warrants in lieu thereof) and warrants to purchase up to 2,234,043 shares of Class A common stock at a combined offering price of $2.35 per share (or per pre-funded warrant in lieu thereof) and associated warrant. The warrants have an exercise price of $2.35 per share and are immediately exercisable upon issuance for a period of five years following the date of issuance.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The gross proceeds to the Company from the offering were approximately $5.2 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for its ongoing clinical and regulatory development of Lomecel-B for the treatment of several disease states and indications, including HLHS and Alzheimer’s disease, obtaining regulatory approvals, capital expenditures, working capital and other general corporate purposes.

Certain board members and insiders of the Company participated in the offering in an aggregate amount of approximately $700,000, at the same terms and conditions.

The securities described above were offered pursuant to a registration statement on Form S-1 (File No. 333-278073) originally filed with the Securities and Exchange Commission (“SEC”) on March 19, 2024, as amended, and became effective on April 8, 2024. The offering was made only by means of a prospectus, which forms a part of the effective registration statement. Electronic copies of the final prospectus may be obtained for free on the SEC's website located at http://www.sec.gov and may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at [phone] or e-mail at [e-mail].