TriSalus Life Sciences has secured $22 million in gross proceeds through a private placement with healthcare-focused institutional investors, providing the oncology company with funding expected to support operations through profitability while advancing its proprietary drug delivery platform for liver and pancreatic tumors.
The private placement, led by Nantahala Capital and including investments from Broadfin Holdings, involves the issuance of 5.5 million shares of common stock at $4.00 per share. Canaccord Genuity served as the sole placement agent for the transaction, which is expected to close on May 2, 2025.
Strong Revenue Growth Drives Investor Interest
TriSalus reported preliminary unaudited revenue of approximately $9.2 million for the first quarter of 2025, driven entirely by sales of its FDA-cleared TriNav Infusion System. This represents a 42% increase compared to the first quarter of 2024, demonstrating growing market adoption of the company's pressure-enabled drug delivery technology.
The TriNav system utilizes TriSalus's proprietary Pressure-Enabled Drug Delivery (PEDD) approach for hepatic arterial infusion of liver tumors. The technology is designed to modulate pressure and flow to deliver more therapeutic agents to tumors while reducing delivery to normal tissue, potentially improving patient outcomes.
Capital Structure Simplification Initiative
Concurrent with the private placement, TriSalus has entered into a Tender and Support Agreement with holders representing approximately 55% of outstanding Series A Convertible Preferred Stock. The company plans to launch a registered exchange offer allowing preferred stockholders to exchange their shares for common stock based on a fixed value of $10.00 per preferred share plus accrued dividends through August 10, 2027, divided by $4.00 per share.
The company expects to launch the exchange offer by the end of the second quarter of 2025 and hold a special stockholder meeting in the third quarter to vote on amendments to the Certificate of Designations for the Preferred Stock. These amendments would allow TriSalus to call and convert outstanding preferred shares under specific terms and eliminate the conversion price reset provision scheduled for July 2027.
Advancing Immunotherapy Pipeline
TriSalus's platform extends beyond drug delivery devices to include nelitolimod, an investigational immunotherapeutic candidate designed to address the immunosuppressive tumor environment that can render current immunotherapies ineffective in liver and pancreatic cancers. Nelitolimod is a class C Toll-like receptor 9 (TLR9) agonist that targets a receptor expressed across multiple cancer types.
Patient data from the company's Pressure-Enabled Regional Immuno-Oncology (PERIO) clinical trials support the hypothesis that nelitolimod delivered via PEDD technology may produce favorable immune effects both within the liver and systemically. The company is in the final stages of data completion for several phase 1 clinical trials and plans to explore partnership opportunities for further development.
Technology Platform Addresses Anatomical Challenges
The PEDD technology represents a novel approach designed to overcome anatomical limitations of arterial infusion for pancreatic tumors. In addition to the TriNav system for liver applications, TriSalus has developed the Pancreatic Retrograde Venous Infusion System, which is also FDA-cleared and utilizes the same pressure-modulation principles.
The mechanical barriers addressed by PEDD technology are commonly present across tumor types, potentially expanding the platform's applicability beyond liver and pancreatic cancers. The company plans to use proceeds from the private placement for working capital and general corporate purposes, including acceleration of existing applications and development of new potential applications.
Market Position and Future Outlook
TriSalus positions itself as an oncology company integrating novel delivery technology with immunotherapy to transform treatment outcomes for patients with solid tumors. The combination of growing revenue from commercial products and advancing clinical programs in immunotherapy provides multiple value drivers for the company.
The funding is expected to provide sufficient runway to achieve profitability, reducing future dilution risk for shareholders. With healthcare-focused long-term investors supporting the strategic vision, TriSalus appears well-positioned to advance its platform technology and expand market penetration in the specialized field of regional cancer therapy delivery systems.
