Tiziana Life Sciences Ltd. (NASDAQ: TLSA) completed a best‑efforts registered direct equity offering on January 16, 2026 that raised $8 million in gross proceeds from the sale of 6.4 million ordinary shares at $1.25 each. Each share also carries a warrant to purchase an additional ordinary share at $1.50, exercisable until July 16 2026, which could generate an additional $9.6 million if fully exercised, bringing total potential gross proceeds to $17.6 million.
The offering was heavily subscribed by senior management and existing shareholders, with CEO Ivor Elrifi and Executive Chairman Gabriele Cerrone each purchasing shares. The participation of the company’s leadership signals strong confidence in the foralumab program and the company’s ability to execute its clinical roadmap.
Proceeds will be directed toward advancing the company’s lead candidate, intranasal foralumab, through Phase 2 clinical trials for non‑active secondary progressive multiple sclerosis (na‑SPMS) and multiple system atrophy (MSA). The company has outlined that the funding will support trial enrollment, data collection, and regulatory interactions necessary to reach top‑line readouts in the coming year.
Tiziana has reported net losses of $16.75 million in 2024 and $17.25 million in 2023, and has historically relied on equity raises to fund its research and development pipeline. The recent $5 million equity offering in October 2024 and the current $17.6 million raise underscore the company’s ongoing need to secure capital to maintain its clinical schedule and extend its cash runway.
The direct offering was well received by investors, with strong demand from institutional and private investors. The company’s insider participation and the clear allocation of proceeds to critical clinical milestones have reinforced investor confidence in the company’s strategic direction.
With the capital raise completed, Tiziana is positioned to advance its Phase 2 trials and potentially generate the data needed to support future regulatory submissions. The company’s management remains focused on delivering the clinical outcomes that will determine the commercial viability of foralumab and the broader pipeline.
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