Matinas BioPharma Holdings Inc. raised $12.7 million after warrant holders exchanged their holdings for company shares.

A total of 30,966,350 warrants, or 84.31% of all warrants outstanding, were exercised under the company's tender offer.

Proceeds raised will help the company up-list itself to a national securities exchange while advancing its lead anti-infective product candidates MAT2203 and MAT2501 beyond key clinical data readouts during 2017.

SternAegis Ventures acted as the warrant solicitation agent.

Matinas BioPharma is listed on the OTCQB.