Tiziana Life shares surge 20.69% intraday after closing $8.8M direct offering led by insiders to fund Phase 2 trials.

Tiziana Life Sciences (TLSA) surged 20.69% intraday after announcing the closing of an oversubscribed $8.8 million registered direct offering of 7,040,000 ordinary shares at $1.25 each, with gross proceeds before expenses. The offering, led by CEO Ivor Elrifi and Executive Chairman Gabriele Cerrone, who purchased 2.4 million and 1.6 million shares respectively, was conducted without underwriters and included warrants exercisable at $1.50, potentially generating an additional $10.56 million. The proceeds will fund Phase 2 clinical trials for non-active secondary progressive multiple sclerosis (na-SPMS) and multiple system atrophy (MSA), with top-line data expected soon. Insider participation and the allocation of funds to advance critical trials signaled strong confidence in Tiziana’s pipeline, particularly its lead candidate foralumab, driving immediate investor optimism.