Key Highlights
- Enlivex secured a $212 million PIPE, with the shares getting sold at $1.00 per share, representing an 11.5% premium over the stock’s previous closing price.
- Funds will launch the world’s first RAIN prediction markets token digital asset treasury. Enlivex will also continue the late-stage clinical development of Allocetra™ for treating knee osteoarthritis.
- Mr. Matteo Renzi, the former Prime Minister of Italy, will be appointed to the Enlivex Board of Directors upon the closing of the deal.
Enlivex Therapeutics Ltd., an Israeli immunotherapy company listed on Nasdaq, has raised $212 million through a Private Investment in Public Equity (PIPE). The agreement covers the sale of 212,000,000 ordinary shares (or equivalents) at a price of $1.00 per share. This price point represents an 11.5% premium over the stock’s closing price on November 21, 2025.
The transaction is expected to yield aggregate gross proceeds of approximately $212,000,000, funded through a combination of USD and USDT.
The funds will initiate the “world’s first prediction markets digital asset treasury” using the RAIN token. The closing is anticipated on or before November 25, subject to the fulfillment of customary closing conditions.
Following the deal’s closure, the company will also appoint former Italian Prime Minister Matteo Renzi to its Board of Directors.
Enlivex’s role in immunotherapy sector
Until now, Enlivex has been a macrophage reprogramming immunotherapy company, with its lead product candidate, Allocetra™, being a novel therapy currently in late-stage clinical development for the joint disease osteoarthritis. The company enumerates the size of the market for osteoarthritis, citing more than 32.5 million affected in the United States and over 300 million patients worldwide.
The decision to diversify into digital assets comes amidst increasing institutional interest in the prediction markets sector. Shai Novik, Chairman of the Board of Directors of Enlivex, said, “With the recent institutional interest in leading prediction markets companies – $2 billion investment by NYSE’s parent company in Polymarket, and Kalshi’s $300 million financing round led by Andreessen Horowitz (a16z) and Sequoia Capital – it appears that this industry is maturing and has strong growth potential.”
Enlivex plans to use the proceeds from the PIPE to adopt its pioneering RAIN prediction markets token digital asset treasury strategy through the accumulation of the RAIN token. RAIN is a fully decentralized predictions and options protocol built on the Arbitrum network. The protocol is fully permissionless, allowing any user to create and trade custom options on any market.
Its architecture supports AI-resolved market outcomes and is governed by the RAIN token, which also features a built-in, deflationary Buyback & Burn mechanism. The protocol aims to be the “Uniswap” of prediction markets, facilitating the creation of any type of market, public or private, in any language, by anyone, from anywhere.
The reason behind choosing RAIN
Mr. Novik emphasized the company’s anticipated new position: “We believe that following the closing of this transaction and the implementation of the RAIN treasury strategy, Enlivex will become the first U.S.-traded public company to provide investors with an exposure to prediction markets, one of the fastest growing sectors in the crypto industry.” He further added, “RAIN’s decentralized protocol uses blockchain technology to let participants trade on expectations of future events, and we believe it will become a dominant force in this expanding market segment.”
The company will lead a dual operational focus. In addition to implementing and managing the new RAIN treasury portfolio, Enlivex will continue its existing business operations, specifically the late-stage clinical development of Allocetra™ for knee osteoarthritis.
Appointment of former Italy PM
Upon the closing of the private placement, Enlivex will appoint Mr. Matteo Renzi, the former Prime Minister of Italy, to its Board of Directors. The Chairman welcomed the appointment, stating, “I would like to welcome Mr. Matteo Renzi to the Board of Directors of Enlivex and am looking forward to working together with Mr. Renzi to build shareholder value for Enlivex shareholders.”
The $212 million fundraise marks a shift for Enlivex, positioning the firm to become an early public market participant in the burgeoning prediction markets sector while maintaining its commitment to developing its core immunotherapeutic product. The company’s legal counsels for the transaction are Greenberg Traurig, P.A. and FISCHER (FBC & Co.), while DLA Piper and Gornitzky & Co. serve as legal counsels to the placement agent, BTIG.
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