Clene Inc. (NASDAQ: CLNN) along with its subsidiaries “Clene” and its wholly owned subsidiary Clene Nanomedicine, Inc., a clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative disease, today announced that the Maryland Board of Public Works has finalized a $3 million loan facility with Clene Nanomedicine. The loan was provided by the state’s Neighborhood BusinessWorks program within the Maryland Department of Housing and Community Development.
Clene Boosts Manufacturing, Hiring in Preparation of Potential Commercialization of ALS Add-On Treatment
In December, the company received the benefit of a $1 million grant from the Maryland Department of Housing and Community Development to expand its manufacturing capacity in Elkton. The site is being added in order to increase Clene’s manufacturing capacity and support potential commercialization of its nanocrystal-based asset, CNM-Au8. Mark G. Mortenson, Clene’s Chief Scientific Officer, said the expansion of the company’s capacity in Elkton will provide them with forty-times their manufacturing capacity by 2025.
Clene Inc. Enters into Two Leases in Maryland to Materially Expand Manufacturing Capacity of its Lead Asset CNM-Au8®
Clene Inc. (NASDAQ: CLNN) along with its subsidiaries “Clene” and its wholly owned subsidiary Clene Nanomedicine, Inc., a clinical-stage biopharmaceutical company dedicated to the treatment of neurodegenerative disease using nanotechnology to treat energetic failure, today announced the completion of two lease agreements that will more than quadruple the company’s manufacturing capacity for its lead asset, CNM-Au8®, a gold nanocrystal suspension.
Clene Announces Plan to Expand its Manufacturing Capacity of CNM-Au8, Closing of Up to $30 Million Debt Facility, and Financing Agreements for $9.25 Million At-the-Market Private Placement
Clene Inc. (NASDAQ: CLNN) (along with its subsidiaries, “Clene”) and its wholly owned subsidiary Clene Nanomedicine, Inc., a clinical-stage biopharmaceutical company dedicated to the treatment of neurodegenerative disease using bioenergetic nanocatalysis, today announced that it is currently in negotiations to lease a 75,000 square foot facility in Elkton, Maryland, a few miles north of its current manufacturing site. Subject to the successful consummation of those negotiations, the site will be redeveloped to support Clene’s unique manufacturing needs; this redevelopment will enable the Company to materially increase its manufacturing capacity preparatory to the expected data release in H1 2022 from its Phase 3 registration trial evaluating CNM-Au8 as a treatment for amyotrophic lateral sclerosis (ALS).
Clene Nanomedicine, one of Maryland’s Future 2020 companies, closed a merger with Tottenham Acquisition I Limited that provided the company with a slot on the Nasdaq Exchange and $3.19 million that will be used to advance the company’s gold nanocrystal-based treatment for neurodegenerative diseases.