New Jersey-based AI therapeutic company Hepion Pharmaceuticals has raised USD 2 million through the immediate exercise of a Series B common stock purchase warrant of roughly one million shares at a revised price of USD 2.10 per share from USD 4.85 held by an institutional investor. The transaction is expected to close on February 21, 2024.

As part of the deal, Hepion will issue two additional warrants to purchase an aggregate of 1.5 million shares at USD 1.91 per share to the investor. These warrants are immediately exercisable; one permits exercise over five years, while the other allows exercise for eighteen months.

The funds will be used to advance research in chronic liver diseases.

Founded in 2013, Hepion Pharmaceuticals leverages its computational platform, AI-POWR, which combines AI, machine learning, and deep learning to accelerate the development of novel therapeutics for fibrotic diseases, including non-alcoholic steatohepatitis (NASH) and chronic hepatitis virus infection. It analyzes large sets of proprietary preclinical and clinical datasets to identify the most appropriate drug targets and predict patient responses to therapies.