GRI Bio Announces $5 Million Public Offering Amid Market Decline

(RTTNews) - GRI Bio, Inc. (GRI) Tuesday has priced its public offering at $3.60 per share, including Series Warrants, aiming to raise approximately $5 million before fees.

The offering includes 1,388,888 shares of common stock, with warrants exercisable at $3.20 per share. If fully exercised, the Series Warrants could generate an additional $13.3 million, though there is no guarantee of exercise. The offering is expected to close around April 2, 2025, subject to standard conditions, with H.C. Wainwright & Co. acting as the exclusive placement agent.

Proceeds will fund product development, working capital, and corporate expenses. The company's lead program, GRI-0621, targets idiopathic pulmonary fibrosis, with additional research into systemic lupus erythematosus. Despite a 52% stock decline in the past week, GRI Bio holds a market capitalization of $2.83 million and a current ratio of 3.43, indicating strong liquidity.

Separately, GRI Bio announced interim safety results from its Phase 2a study of GRI-0621, with an Independent Data Monitoring Committee supporting the trial's continuation. The company also secured two global patents for its Natural Killer T cell modulators, reinforcing its intellectual property.

Additionally, GRI Bio regained Nasdaq compliance regarding minimum bid price requirements and received stockholder approval for a reverse stock split, which could improve market interest and ensure continued listing. These developments align with the company's strategic growth initiatives.

GRI is currently trading at $3.0501 or 4.6844% lower on the Nasdaq Capital Market.