VICTORIA, BC , Oct. 31, 2024 /PRNewswire/ - Eupraxia Pharmaceuticals Inc. ("Eupraxia" or the "Company") (TSX: EPRX) (NASDAQ: EPRX ), a clinical-stage biotechnology company leveraging its proprietary DiffuSphereTM technology to optimize drug delivery for applications with significant unmet need, is pleased to announce that it has completed a non-brokered private placement of 8,905,638 Series 1 Preferred shares of the Company (the "Preferred Shares"), at a price of C$5.
00 per Preferred Share for aggregate gross proceeds of C$44,528,190 , by way of a non-brokered private placement (the "Private Placement"). The Company intends to use the net proceeds from the Private Placement towards the funding of clinical trials for EP104GI, initiating research programs for new candidates and general corporate and working capital purposes of the Company and its affiliates. In connection with the closing of the Private Placement, the Company has appointed Mr.
Joseph Freedman to its board of directors. Mr. Freedman is a private equity investor and corporate director with more than 25 years industry experience including, most recently, 18 years at Brookfield Asset Management, one of the world's leading private equity and alternative asset management firms.
Over his career at Brookfield , Mr. Freedman has held a number of positions, including Vice Chair of Private Equity, General Counsel and the Partner responsible for M&A transaction execution, fund formation and fund operations. Prior to joinin.
