Tiziana Life Sciences shares surge 11.38% intraday after announcing $17.6M registered direct offering to fund Phase 2 na-SPMS and MSA trials.

Tiziana Life Sciences (TLSA) surged 11.38% intraday following the announcement of a $17.6 million registered direct offering led by CEO Ivor Elrifi and Executive Chairman Gabriele Cerrone. The offering, comprising 6.4 million shares at $1.25 each and warrants exercisable at $1.50, will fund the completion of Phase 2 trials for intranasal foralumab in non-active secondary progressive multiple sclerosis (na-SPMS) and multiple system atrophy (MSA), with top-line data expected soon. Management’s significant participation—Elrifi and Cerrone acquiring 2.4 million and 1.6 million shares, respectively—signaled strong confidence in the company’s pipeline. The capital infusion, directed toward advancing critical clinical programs, likely drove investor optimism about potential breakthroughs in neuroinflammatory and neurodegenerative disease treatments.