Enlivex Therapeutics (ENLV), an Israeli-based clinical-stage biotechnology firm, introduced it’ll increase $212 million in a personal placement to grow to be the primary publicly traded U.S. firm to undertake blockchain-based prediction market tokens as a main treasury reserve asset.
The token, RAIN, powers a decentralized protocol constructed on the Arbitrum blockchain, permitting customers to create and commerce prediction markets for real-world occasions utilizing good contracts.
Much like different prediction markets corresponding to Polymarket, Rain’s merchants can guess on a variety of topics, from elections to sports activities, with outcomes decided by oracles and AI-based instruments. The platform additionally features a deflationary “buyback and burn” mechanism aimed toward constraining the availability of RAIN tokens.
Enlivex, which has a market capitalization of $22 million on the Nasdaq market, plans to make use of the vast majority of the funds raised to buy RAIN tokens and use the property as its core monetary holdings. The corporate mentioned it views the rising prediction market house as a strategic progress space, citing current investments by main establishments such because the New York Inventory Alternate’s mother or father firm and Andreessen Horowitz in rivals corresponding to Polymarket and Calci.
On the similar time, Enrivex plans to proceed medical trials of its lead drug candidate, Alosetra, a macrophage remedy for osteoarthritis, based on a press launch shared with CoinDesk. The illness impacts greater than 30 million People, and there’s no remedy to cease joint harm, and Alocetra seeks to handle this hole.
Former Italian Prime Minister Matteo Renzi will be part of Enlivex’s board of administrators after the transaction closes, scheduled for November twenty fifth. Final 12 months, the corporate’s board added Bitcoin. BTC$86,361.56 He agrees with the corporate’s money administration technique and has permitted as much as $1 million in crypto purchases. It’s unclear how a lot, if any, BTC the corporate at present holds.
The deal is priced at $1 per share, representing an 11.5% premium to Enlivex’s final traded worth.
