At a Glance
- Company: Tiziana Life Sciences Ltd. (Nasdaq: TLSA)
- Location: Boston, Massachusetts, USA
- Deal value: $8.8m gross proceeds from 7.04m ordinary shares at $1.25/share; warrants add up to $10.56m
- Focus area: Intranasal foralumab (anti‑CD3 mAb) for neuroinflammatory diseases
- Next steps: Complete phase 2 na‑SPMS/MSA trials; advance Alzheimer’s and ALS studies
What happened?
Tiziana Life Sciences closed an oversubscribed, company‑best‑efforts registered direct offering of 7.04 million ordinary shares priced at $1.25 per share to existing shareholders and senior management for gross proceeds of $8.8 million. Net proceeds will fund clinical development of intranasal foralumab, including completing phase 2 trials in non‑active secondary progressive multiple sclerosis (na‑SPMS) and multiple system atrophy (MSA), plus Alzheimer’s and ALS programmes.
Why does it matter?
Intranasal foralumab is the only fully human anti‑CD3 monoclonal antibody in clinical development, modulating Tregs via the nasal route for better brain penetration and tolerability versus IV. With 37.4 patient‑years exposure and no drug‑related serious adverse events, it shows promise in neuroinflammation (e.g. all 14 na‑SPMS patients stable/improved after 6 months in expanded access).
Who’s behind it?
Tiziana is a clinical‑stage biopharma pioneering nasal immunotherapy delivery, with foralumab in phase 2a na‑SPMS (NCT06292923), Alzheimer’s (first patient dosed Dec 2025), MSA (dosing started Aug 2025) and ALS (grant‑funded trial H2 2025).
How was it achieved?
The no‑underwriter offering was led by insiders including Executive Chairman Kabir Nathwani, who increased his stake, with warrants exercisable at $1.25/share providing additional upside. Funds extend runway to key milestones like phase 2 data readouts.
What’s next?
Complete na‑SPMS/MSA phase 2 trials; advance Alzheimer’s phase 2 (monotherapy/combination with lecanemab/donanemab) and ALS trial; explore long COVID, T1D and ICH.
What are people saying?
Tiziana emphasised insider confidence and foralumab’s “favourable safety profile”. Recent milestones like Alzheimer’s first‑dose (Dec 2025) and Nasdaq bell event underscore momentum.