Ensysce Biosciences secures $4M financing

Ensysce Biosciences (ENSC) announced the closing of a $4 million convertible preferred stock financing, with upside to potentially $16 million of additional funding available through future tranches over the next 24 months. The capital will accelerate the Phase 3 clinical program for PF614, Ensysce’s flagship analgesic candidate, while supporting general corporate initiatives. The initial $4 million tranche includes a fixed conversion price of $2.50 per share, with an alternate conversion price based upon average common stock prices prior to conversion. The financing includes 50% warrant coverage on each takedown, exercisable at the fixed conversion price for five years, subject to adjustment.