PIPE with new and existing investors supports working capital and operations

CHASKA, Minn., Oct. 04, 2024 (GLOBE NEWSWIRE) — Lifecore Biomedical, Inc. (“Lifecore”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced the closing of a $24.3 million private deal. placement (“PIPE”) of 5,928,775 common shares at a price of $4.10 per share. The investor group includes new and existing shareholders, and the company plans to use the proceeds for working capital, operations and general corporate purposes.

“We are very pleased to benefit from the confidence of these new long-standing shareholders, which we believe reflects their support for our new management team, our value creation plan and the tremendous opportunity we have in this growing market,” commented Paul. Josephs, President and CEO of Lifecore.

Important information regarding common shares

The shares of common stock were issued in reliance on an exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof. here. The shares of common stock sold in the private placement have not been and will not be registered under the Securities Act or the securities laws of any state or other applicable jurisdiction, and may not be offered or sold in the States. -United without registration or an applicable exemption from the registration requirements of the Securities Act and applicable securities laws of any state or other jurisdiction.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Lifecore Biomedical
Lifecore Biomedical, Inc. (Nasdaq: LFCR) is a fully integrated contract development and manufacturing organization (CDMO) that provides highly differentiated capabilities in the development, fill and finish of sterile injectable pharmaceutical products in syringes, vials and cartridges, including complex formulations. . As a leading manufacturer of premium injectable hyaluronic acid, Lifecore brings more than 40 years of expertise as a partner to global and emerging biopharmaceutical and biotechnology companies across multiple therapeutic categories. For more information about the Company, visit Lifecore’s website at www.lifecore.com.

Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbor created under the Private Securities Litigation Reform Act of 1995 and other safe harbors under the Securities Act of 1933 and the Securities Exchange Act of 1934. such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “could” », “will”, “should”, “may have”, “likely” and similar expressions are used to identify forward-looking statements. All forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially, including factors such as the Company’s ability to successfully implement its business strategies, including with respect to installation, capacity generation and its ability to attract demand. for its services and its ability to expand its relationships with its existing clients or attract new clients; the impact of inflation on the Company’s operations and financial condition; changes in business and general economic conditions domestically and globally, including rising interest rates and fluctuating foreign exchange rates; the Company’s ability to access sufficient capital to finance its business strategies; and other risk factors set forth from time to time in the Company’s filings with the SEC, including, but not limited to, the Annual Report on Form 10-K for the fiscal year ended May 26 2024 (the “2024 10-K”). For more information on factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including the risk factors contained in on 10-K 2024. Forward-looking statements represent management’s current expectations as of the date hereof and are inherently uncertain. Except as required by law, we undertake no obligation to update any forward-looking statements we make to reflect subsequent events or circumstances.

The story continues