MORRISVILLE – Two weeks after naming a new CEO, the publicly-traded Tenax Therapeutics, Inc. (Nasdaq: TENX) has raised nearly $10 million from an undisclosed investor, according to an SEC filing.
Anthony DiTono retired as CEO of Tenax Therapeutics and was replaced by Christopher Giordanao, a former senior executive at life science giant Iqvia.
The company, once known as oxygen Bioterapeutics, announced the change two weeks ago, when it also disclosed plans to raise the $10 million through a stock sale.
Tenax focuses on cardiovascular and pulmonary diseases. As of 11:30 this morning, the share price of the company’s stock was at about $1.86 per share.
Tenax Therapeutics names former Iqvia exec as CEO, looks to raise $10M
According to the filing, a broker will receive a sales compensation as a part of the deal, including $750,000 and a warrant for 357,995 shares of common stock exercisable at $2.46 per share.
The company acquired an Illinois-based biotechnology firm in January, and at the time of that announcement, company stock rose 38% to about $2.45 per share. Last year, the company raised $5 million in a stock sale after regaining compliance with Nasdaq.
