Scinai Stock Surges on $2.61 Million Private Placement as SCNI Bets on CDMO Expansion
Shares of Scinai Immunotherapeutics Ltd. surged Friday in U.S. trading, buoyed by news out of Jerusalem: the biotech secured a $2.61 million private placement plus a warrant inducement to help bankroll its contract drug-manufacturing expansion and targeted immunotherapy programs. The company's American Depositary Shares on Nasdaq soared roughly 82% to $0.8299, after peaking at $1.11 earlier. The cash raise comes at a delicate time. Scinai is working to reshape its contract development and manufacturing organization, or CDMO — the business that handles drug development and production for clients — hoping it can shore up more reliable revenue, even as it maintains a smaller immunology research unit. According to a filing, the company reported $1.6 million in cash and cash equivalents as of Dec. 31, and its financial statements included a going-concern warning.
