Regulus Therapeutics Inc. announced that it has entered into a securities purchase agreement with certain institutional and other accredited investors for a private placement of 58,923,352 common shares at a price of $0.36 per share for proceeds of $21,212,406.72 and 3,725,720 Non voting class A-4 convertible preferred shares at a price of $3.6 per share for proceeds of $13,412,592 for aggregate gross proceeds of $34,624,998.72 on November 24, 2021. The transaction will be led by New Enterprise Associates, Inc. and Federated Hermes, Inc. The transaction will included participation from 16 investors including new and existing investors. As a part of the transaction, Stelios Papadopoulos, chairman of the company will purchase 2,222,222 common shares for proceeds of $799,999.92.

Each preferred share is convertible into 10 shares of common stock. The closing of the transaction is expected to occur on or about November 30, 2021. The company will issue securities pursuant to exemption provided under Regulation D.