10:11 AM EDT, 08/12/2024 (MT Newswires) -- Tenax Therapeutics ( TENX ) said Monday that it closed an oversubscribed private placement by certain institutional and healthcare investors, raising about $100 million in proceeds.

The private placement was for about 1.45 million common Tenax shares, plus pre-funded warrants to purchase about 31.8 million common shares that include accompanying warrants to purchase 16.7 million common shares, according to the statement.

Tenax Therapeutics ( TENX ) Chief Executive Officer Chris Giordano said the proceeds will help the company accelerate the ongoing phase 3 study of Levosimendan as a treatment for pulmonary hypertension due to heart failure with preserved ejection fraction.

Giordano said the funds will also be used to start a second phase 3 study of Levosimendan, which is planned for 2025.

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