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Matinas BioPharma Announces Agreement for the Acquisition of Preferred Stock and Appointment of Dr. Robin L. Smith to the Board of Directors

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The funds will be used for general corporate purposes, with a focus on reducing operating expenses and exploring strategic alternatives for MAT2203, the Company's Phase 3-ready antifungal drug candidate for the treatment of invasive fungal infections, as well as other strategic alternatives for the Company.
Matinas BioPharma, a clinical-stage biopharmaceutical company, has entered into an agreement with Dr. Robin L. Smith for the acquisition of Series B Non-Voting Convertible Preferred Stock. This deal includes the issuance of 1,000 shares of preferred stock to Dr. Smith, which are convertible into common stock at a rate of 10,000 shares per preferred share, totaling 10,000,000 shares of common stock. Additionally, Dr. Smith has been appointed to Matinas' Board of Directors. This strategic move is aimed at enhancing the company's leadership and financial structure, leveraging Dr. Smith's extensive experience in healthcare and biotechnology. The transaction is expected to close by February 16, 2025, subject to customary closing conditions.

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[ https://www.manilatimes.net/2025/02/14/tmt-newswire/globenewswire/matinas-biopharma-announces-agreement-for-the-acquisition-of-preferred-stock-and-appointment-of-dr-robin-l-smith-to-the-board-of-directors/2055773 ]