Dragon SPAC S.p.A. and Napo EU S.p.A., the Italian subsidiary of Napo Pharmaceuticals, which is the wholly owned U.S. subsidiary of Jaguar Health, today announced the closing of the financing of Dragon SPAC for gross proceeds of approximately 8.83 million euros, representing (based on the dollar-to-euro exchange rate) the previously announced $10.8 million of funding from Jaguar into Dragon SPAC using funds from the direct offering for the benefit of Jaguar’s wholly-owned Italian subsidiary.
The private placement was announced last month.
Net proceeds from the private placement will be used to fund Dragon SPAC’s business combination with Napo EU. The merger is expected to be effective within approximately 80 days.
Jaguar Health is engaged in the development of a variety of therapies, including treatments for chronic COVID patients. Read more.