Nasus Pharma Raises $15 Million to Advance Needle-Free Epinephrine Treatment for Anaphylaxis
Key Insights
Nasus Pharma completed a $15 million private placement to fund development of NS002, an intranasal powder epinephrine treatment for anaphylaxis (search).
The company's proprietary powder-based intranasal technology offers a needle-free alternative to traditional epinephrine autoinjectors for emergency anaphylaxis (search) treatment.
Proceeds will advance NS002 toward pivotal clinical trials and New Drug Application submission while expanding the pipeline of intranasal therapeutic products.
Nasus Pharma Ltd. (NYSE: NSRX) announced the completion of a $15 million private placement on February 13, 2026, providing crucial funding to advance its lead intranasal epinephrine product candidate NS002 toward pivotal clinical development for anaphylaxis (search) treatment. The clinical-stage pharmaceutical company sold 2,695,425 ordinary shares and accompanying warrants at $5.565 per unit, priced at a premium to its previous NYSE American closing price.
Advancing Needle-Free Emergency Treatment
NS002 represents a potentially transformative approach to anaphylaxis (search) treatment, offering a needle-free alternative to traditional epinephrine autoinjectors. The product candidate utilizes Nasus Pharma's proprietary powder-based intranasal (PBI) technology, which leverages the nasal cavity's rich vascular network for rapid drug absorption.
"We believe this financing strengthens our balance sheet as we advance NS002, our powder-based intranasal epinephrine product candidate, towards a pivotal study and New Drug Application (NDA) submission while continuing to expand our pipeline of innovative, intranasal, powder-based programs," said Dan Teleman, Chief Executive Officer of Nasus Pharma.
The PBI formulation employs uniform spherical powder particles designed for broad dispersion and potentially faster, higher absorption compared to liquid-based nasal products. This technology addresses situations requiring rapid drug delivery while providing needle-free, easy-to-use alternatives for emergency medical conditions.
Strategic Funding Structure
Citizens Capital Markets (search) served as lead placement agent, with Laidlaw & Company (search) (UK) Ltd. acting as co-placement agent for the transaction. The accompanying warrants carry an exercise price of $6.53 per share and feature a unique expiration structure tied to clinical milestones - they expire either two years from issuance or 30 trading days following announcement of NS002 pivotal study top-line results, whichever comes first.
Eyal Rubin, Chief Financial Officer, noted strong investor participation: "We are grateful for the strong participation from both new and existing investors including leading institutional investors, in this financing. The proceeds from this private placement are expected to significantly strengthen our balance sheet and provide funding visibility across our planned operations and development activities."
Pipeline Expansion Plans
Beyond NS002, Nasus Pharma plans to utilize the funding to initiate first-in-human studies for other products in its pipeline and expand applications of its intranasal technology across additional therapeutic areas. The company's objective focuses on developing products where intranasal administration could add clinically meaningful value for acute medical conditions in community settings.
"NS002 is an important step in demonstrating the potential of our platform, and beyond this program we are focused on applying our proprietary intranasal technology across additional therapeutic areas," Teleman explained.
The net proceeds, combined with existing cash, cash equivalents, and short-term investments, will support the pivotal clinical development of NS002 for anaphylaxis (search) treatment, pipeline expansion, and general corporate purposes. Under a Registration Rights Agreement, the company committed to filing a registration statement with the SEC for resale of the ordinary shares and warrant shares issued in the private placement.