Entero Therapeutics Secures $2 Million Revolving Loan; Appoints Three New Board Members
BOCA RATON, Fla., Feb. 07, 2025 (GLOBE NEWSWIRE) -- Entero Therapeutics, Inc. (NASDAQ:ENTO) ("Entero" or the "Company"), a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, announced today that it has secured a $2 million revolving loan agreement and subsequently appointed three new members to its Board of Directors.
As a condition for the loan, Entero replaced three of five members of its Board of Directors with three new directors designated by the lender. These appointments follow the resignations of James Sapirstein, Alastair Riddell and Timothy Ramdeen from the Board. Richard Paolone, a Toronto-based securities lawyer with leadership experience at public and private companies, joins the Board alongside Eric Corbett, a managing director with experience in capital markets and corporate finance advisory services, and Manpreet Uppal, a seasoned professional with experience in capital markets and real estate.
James Sapirstein, CEO of Entero, commented on the developments, stating, "Securing this financing is key to strengthening our balance sheet and provides the working capital to support our operations while bridging us to the anticipated completion of a subsequent public offering. I am also pleased to welcome Richard, Eric and Manpreet to our Board, whose diverse expertise and leadership experience will be invaluable as we continue to develop our GI program and drive value for our shareholders. I would like to extend my sincere thanks to Alastair and Timothy for their guidance and contributions to Entero. We are excited about the opportunities that lie ahead and confident that Entero is well-positioned for future success."
For more information about Entero Therapeutics, visit www.enterothera.com and connect on X and LinkedIn.
About Entero Therapeutics
Entero Therapeutics, Inc., is a late clinical-stage biopharmaceutical company focused on the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases. The Company's programs address significant unmet needs in GI health and include: latiglutenase, potentially first-in-class, targeted, oral biotherapeutic for celiac disease; capeserod, a selective 5-HT4 receptor partial agonist for indications including gastroparesis; and adrulipase, a recombinant lipase enzyme designed to enable the digestion of fats and other nutrients in cystic fibrosis and chronic pancreatitis patients with exocrine pancreatic insufficiency. For more information visit www.enterothera.com.
Forward-Looking Statements
This press release may contain certain statements relating to future results which are forward-looking statements. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements, depending on factors including whether the Proposed Merger may be completed, completed with different terms, in an untimely manner, or not at all; whether the Company and Journey will be able to receive the requisite approvals of stockholders and regulatory authorities to consummate the Proposed Merger; whether the Company will be able to realize the expected benefits, or any benefits, from the Proposed Merger; whether the Company will be able to satisfy its outstanding obligations as they become due; whether the Company will be able to raise additional funds to satisfy its capital needs, including whether it can obtain the requisite financing to consummate the Proposed Merger; whether the Company will be able to realize the expected benefits of its acquisition of ImmunogenX; the Company's ability to integrate the assets and operations acquired from ImmunogenX into the Company's business; whether results obtained in preclinical and nonclinical studies and clinical trials will be indicative of results obtained in future clinical trials; whether preliminary or interim results from a clinical trial will be indicative of the final results of the trial; whether the Company will be able to maintain compliance with applicable Nasdaq listing criteria and the effect of a delisting from Nasdaq on the market for the Company's securities; the size of the potential markets for the Company's drug candidates and its ability to service those markets; the effects of the First Wave Bio, Inc. acquisition, the related settlement and their effect on the Company's business, operating results and financial prospects; and the Company's current and future capital requirements and its ability to raise additional funds to satisfy its capital needs. Additional information concerning the Company and its business, including a discussion of factors that could materially affect the Company's financial results are contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission ("SEC") on March 29, 2024, as well as the Company's subsequent filings with the SEC, including its proxy statements on Schedule 14A, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
For more information:
Entero Therapeutics, Inc.
777 Yamato Road, Suite 502
Boca Raton, FL 33431
Phone: (561) 589-7020
[email protected]
Investor contact information:
Entero Investor Relations
[email protected]
