Warrington biotechnology firm Windtree Therapeutics has secured financial stability through a $12.9 million financing arrangement, providing $3.4 million in new funding and eliminating $9.5 million in senior notes, writes John George for the Philadelphia Business Journal.  

The company achieved this by selling 16,099 shares of convertible preferred stock with warrants to purchase up to 3.44 million shares of common stock.  

This transaction effectively cancels $9.5 million in senior convertible notes and promissory notes due in 2025. 

Windtree’s stock rose 2 percent to $3.59 per share following the announcement. Additionally, the company established a $35 million line of credit through a common stock purchase agreement, offering further financial flexibility. 

This cash infusion will support the phase 2 clinical trial of Windtree’s lead drug candidate, istaroxime, aimed at treating cardiogenic shock.  

Enrollment for the trial is expected to complete soon, with results anticipated by the end of September.  

Windtree’s strategic initiatives also include studying istaroxime for heart failure and developing potential cancer therapies.  

The company, with 15 employees, aims to partner with a larger firm for phase 3 clinical trials and commercialization. 

Read more about Windtree Therapeutics’ financial situation in the Philadelphia Business Journal.