Tiziana Life Sciences’ $57.25 Million Follow-on Offering

Sheppard Mullin advised Tiziana Life Sciences on the deal.

Tiziana Life Sciences plc (NASDAQ: TLSA; AIM: TILS), a biotechnology company focused on innovative therapeutics for oncology, inflammation and infectious diseases, has entered into definitive agreements with investors for the purchase and sale of 11,009,615 of the Company’s American Depositary Shares (“ADSs”) at a price of $5.20 per ADS pursuant to a registered direct offering (the “Offering”). Each ADS offered represents two ordinary shares of nominal value £0.03 each (“Ordinary Shares”), following the recent forward split of the ADSs which became effective on 31 July 2020. The gross proceeds of the Offering will be approximately $57.25 million, before deducting placement agent fees and other estimated offering expenses. The number of Ordinary Shares represented by ADSs comprised in the offering will be within existing shareholder authorities.

Tiziana intends to use the net proceeds received from this Offering (i) to advance the clinical development of Foralumab, (ii) to initiate a trial in HCC patients with Milciclib, (iii) to expedite clinical development of TZLS-501 for coronavirus COVID-19, and for working capital and other general corporate purposes.

The Sheppard Mullin deal team representing Tiziana was led by partner Jeff Fessler (Picture) and included associate Justin Anslow.

Involved fees earner: Justin Anslow – Sheppard Mullin; Jeffrey Fessler – Sheppard Mullin;

Law Firms: Sheppard Mullin;

Clients: Tiziana Life Sciences PLC;

Author: Ambrogio Visconti