07:09 AM EDT, 08/21/2025 (MT Newswires) -- Scilex ( SCLX ) unit Semnur Pharmaceuticals and Denali Capital Acquisition (DECA) said Thursday they have entered a purchase agreement with an unnamed investor for a $20 million private placement.

Proceeds will be used to fund clinical trials for the development of SP-102, the company said.

The purchase price for the shares is $16 per share and the transaction is expected to close following Semnur's planned merger with Denali, the company said.

Separately, Scilex ( SCLX ) said that its Chief Executive and President Jaisim Shah has resigned, effective Aug. 17. Shah will remain on Scilex's ( SCLX ) board while dedicating his time on a full-time basis to continue as CEO and president of Semnur Pharmaceuticals.

Scilex ( SCLX ) Executive Chairman Henry Ji was appointed CEO and president, Scilex ( SCLX ) said.

Shares of Scilex ( SCLX ) were up 1.7% in recent premarket activity Thursday.