Clene Nanomedicine Closes Merger with Tottenham Acquisition I Limited;  Provides Corporate Update

January 8, 2021

Clene Nanomedicine, Inc. (Clene) last week announced the closing of a merger with Tottenham Acquisition I Limited (“Tottenham”) and provided a corporate update. Proceeds from this transaction totaled approximately $31.9 million. The combined, publicly traded company is operating under the name Clene Inc., and its common stock began trading on the NASDAQ Capital Market on December 31, 2020, under the ticker symbol “CLNN.” Clene’s management team will continue leading the merged company following this transaction.

“Since its inception, Clene has sought to revolutionize the treatment of neurodegenerative disease by leveraging the power of neuro-reparative nanocatalysis to enhance cellular bioenergetic mechanisms,” said Rob Etherington, president and chief executive officer of Clene. 

“This merger reflects the critical treatment innovation that Clene is pioneering and that can potentially be life-changing for patients with devastating neurodegenerative disease,” said Kelvyn Cullimore, president and CEO of BioUtah.

Added Etherington, “Through the successful execution of this strategy, we have advanced our lead asset, CNM-Au8, into Phase 2 and 3 clinical studies that aim to address neurodegenerative diseases of high unmet medical need, such as multiple sclerosis, Parkinson’s disease, and amyotrophic lateral sclerosis. We are thrilled to have the added financial flexibility provided by Tottenham, our PIPE investors and existing shareholders as we advance these trials and the rest of our nanotherapeutic pipeline as a public company. This, combined with our interim clinical data set, leaves us well-positioned to deliver multiple value-creating milestones as we seek to shift the paradigm of neurodegenerative disease treatment and improve the lives of patients.”

Clene’s announcement also details recent achievements and outlook, including study data and corporate milestones.