Scilex unit, Denali enter purchase agreement for $20M private placement

Scilex (SCLX) announced that its majority-owned subsidiary, Semnur Pharmaceuticals, and Denali Capital Acquisition, have entered into a purchase agreement with an investor for a $20M private placement, the proceeds of which will be used to advance the second Phase 3 clinical trial for the development of SP-102 for the treatment of LRP/Sciatica. Pursuant to the Purchase Agreement, the investor has agreed to purchase an aggregate of 1.25M shares of common stock of the combined company following the consummation of the transactions contemplated by the Agreement and Plan of Merger, dated August 30, 2024, as amended on April 16, 2025, and July 22, 2025, by and among the Denali, Semnur, and Denali Merger Sub Inc. The purchase price for the PIPE Shares is $16.00 per share, for an aggregate purchase price of $20M. The closing of the PIPE Financing is subject to customary conditions and is expected to occur immediately following the consummation of the Business Combination.