NEW YORK, Aug. 26, 2024 (GLOBE NEWSWIRE) -- 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 Relations
Email: 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.
