Longeveron Raises $30M Private Placement, Secures Runway into Q4 2026
Longeveron secured up to $30 million via a private placement with $15 million closed upfront at $0.52 per share and a milestone-driven $15 million tranche tied to Phase 2b ELPIS II HLHS trial results. Initial proceeds extend cash runway into fourth quarter 2026 past the 3Q26 topline data readout.
1. Private Placement Structure
Longeveron structured a private placement to raise up to $30 million, led by Coastlands Capital with participation from Janus Henderson Investors, Logos Capital and Kalehua Capital. In the initial closing, the company issued 6,013,384 Class A shares at $0.52 per share for $15 million and can receive up to an additional $15 million upon achieving defined Phase 2b ELPIS II HLHS trial milestones.
2. Use of Proceeds and Runway Extension
Net proceeds from the initial tranche are expected to fund operations into the fourth quarter of 2026, extending beyond the anticipated 3Q26 topline data readout from the pivotal Phase 2b ELPIS II study. The funds will support ongoing clinical development of laromestrocel, working capital needs and other general corporate purposes.
3. Preferred Shares and Voucher Rights
Investors may receive Series A Non-Voting Convertible Preferred Shares convertible into Class A shares at $0.52 per share immediately upon issuance. Longeveron also granted investors rights to 50% of net proceeds from any future sale of a Rare Pediatric Disease Priority Review Voucher associated with its HLHS program.