Artelo Biosciences Closes $9.475 Million Private Placement to Adopt Solana as Core Reserve Asset

Artelo Biosciences raised $9.475 million in a private placement to implement a Solana treasury strategy, becoming the first publicly-traded pharmaceutical company to adopt SOL as a core reserve asset. The funding was led by Bartosz Lipinski, a former Solana Labs engineer, who will serve as a technical partner. The company plans to allocate the funds to ongoing therapeutic development.

Artelo Biosciences, Inc. (Nasdaq: ARTL), a clinical-stage pharmaceutical company, has raised $9.475 million through a private placement to initiate its Solana treasury strategy. This funding marks a significant milestone as Artelo becomes the first publicly traded pharmaceutical company to adopt Solana (SOL) as a core reserve asset [1].

The private investment in public equity (PIPE) was led by Bartosz Lipiński, a former engineer at Solana Labs, who will serve as a technical partner through his company CUBE. Lipiński's expertise in Solana's technology will be crucial in securing storage, staking, and active DeFi execution of Artelo’s digital asset treasury [1].

Artelo's Board has approved the expansion of its SOL treasury strategy, with staged investments over time to ensure adequate working capital for ongoing therapeutic development and commercialization. The company aims to leverage Solana’s high-performance, decentralized blockchain to diversify its balance sheet and enhance liquidity management [1].

The proceeds from the private placement will support Artelo’s ongoing business, including the development of its proprietary therapeutics that modulate lipid-signaling pathways. These therapeutics target various unmet needs in conditions such as cancer, pain, dermatological, and neurological disorders [1].

Artelo’s Chief Executive Officer, Gregory D. Gorgas, expressed enthusiasm about the new strategy, stating, "We are excited to commence our SOL treasury strategy. This initiative reflects our commitment to innovative and disciplined capital management while taking a strategic step into the digital asset space" [1].

The closing of the PIPE is expected to occur on or about August 5, 2025, subject to the satisfaction of customary closing conditions. R. F. Lafferty & Co., Inc. acted as an advisor in connection with the PIPE [1].

References:
[1] https://www.biospace.com/press-releases/artelo-biosciences-announces-9-475-million-at-the-market-private-placement-to-initiate-solana-treasury-strategy-becoming-first-publicly-traded-pharmaceutical-company-to-adopt-sol-as-a-core-reserve-asset