ANEW MEDICAL, INC. Achieves Debt-Free Status, Boosts Financial Flexibility
August 26 2024 - 5:00AM
ANEW MEDICAL, INC. (NASDAQ: WENA), a leading U.S. biotechnology
company pioneering cell and gene-based treatments for aging and
age-related diseases, announces the successful conversion of its
convertible promissory notes by investors. This strategic move
significantly strengthens ANEW’s balance sheet by eliminating over
$4 million in long-term debt.
The elimination of over $4 million in long-term
debt not only clears ANEW’s balance sheet but also significantly
increases stockholder equity, positioning the company for future
growth and investment opportunities. It also eliminates $600,000 in
annual interest payments owed by the company. The average
conversion price was approximately $1.08 per share, echoing
investors’ long-term commitment to the Company.
“This debt conversion reflects the strong
confidence our investors have in ANEW’s growth potential and
strategic direction,” said Jeffrey LeBlanc, ANEW’s Chief Financial
Officer. “By emerging long-term debt-free, we gain significant
financial flexibility, which allows us to invest more aggressively
in our cutting-edge research and development.”
With a solid financial foundation, ANEW is
well-positioned to advance its innovative research pipeline
targeting the growing market of age-related diseases. The company
remains committed to delivering transformative therapies that
improve quality of life for aging populations worldwide.
About ANEW MEDICAL, INC.
ANEW MEDICAL, INC. (NASDAQ: WENA) is a
biopharmaceutical company specializes in the development of
patented, novel disease-modifying technologies targeting the brain
and central nervous system (CNS) that are seen as key developments
in treating neurodegenerative and age-related disorders. The
Company obtained exclusive worldwide rights to platform
technologies and knowhow to develop cutting edge protein, gene and
cell therapies to treat age-related pathologies such as Alzheimer’s
and Parkinson’s Disease, ALS, multiple sclerosis and rare
neurodegenerative diseases. The company is managed by a team of
individuals and advisors who are highly experienced in
biopharmaceutical product development and commercialization.
For more information,
contact:Investor RelationsEmail: IR@anewmeds.com Website:
https://www.anewmeds.com/press-releases/
Forward-Looking Statements:
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements generally are identified by
the words “believe,” “project,” “expect,” “anticipate,” “estimate,”
“intend,” “strategy,” “future,” “opportunity,” “plan,” “may,”
“should,” “will,” “would,” “will be,” “will continue,” “will likely
result,” and similar expressions. Without limiting the generality
of the foregoing, the forward-looking statements in this press
release include descriptions of the Company’s future commercial
operations. Forward-looking statements are predictions, projections
and other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, such as the Company’s inability to implement its business
plans, identify and realize additional opportunities, or meet or
exceed its financial projections and changes in the regulatory or
competitive environment in which the Company operates. You should
carefully consider the foregoing factors and the other risks and
uncertainties described in the documents filed or to be filed by
the Company with the U.S. Securities and Exchange Commission (the
“SEC”) from time to time, which could cause actual events and
results to differ materially from those contained in the
forward-looking statements. Copies of these documents are available
on the SEC’s website, www.sec.gov. All information provided herein
is as of the date of this press release, and the Company undertakes
no obligation to update any forward-looking statement, except as
required under applicable law.
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