Enlivex Plans $212M PIPE to Launch Prediction Market Token Treasury

In Brief

• Enlivex announces $212M PIPE to build the first prediction market token treasury.
• Company to buy unlocked RAIN tokens as part of new digital asset strategy.
• Matteo Renzi to join Enlivex board after PIPE; Allocetra trial shows strong results.

Enlivex Therapeutics will raise $212 million through a private investment in public equity to fund a new digital asset treasury. The company aims to acquire RAIN tokens, supporting a strategy focused on decentralised prediction markets.

Under the plan, Enlivex will sell 212 million shares at $1 each, priced at an 11.5% premium. The deal is expected to close on or before November 25 and will be funded in USD and USDT.

Enlivex will only purchase unlocked RAIN tokens available on the market or from liquidity providers. The company will not acquire tokens from the Rain team or its foundation, and no lockup conditions will apply.

The Rain Foundation will offer a grant to adjust Enlivex’s entry price to support a net asset value multiple of 0.95. Enlivex will also receive an option to purchase up to $918 million more in RAIN tokens over the next year.

Clinical Focus Remains on Allocetra as Board Expands

While pursuing the digital asset strategy, Enlivex will continue developing Allocetra, its late-stage osteoarthritis therapy targeting global markets. The therapy addresses a condition affecting over 300 million people worldwide.

New six-month data from a multi-country Phase 1/2 trial showed sustained pain reduction and improved joint function in patients aged 60 and older. Results demonstrated statistically significant gains compared to placebo at both three and six months.

In the earlier three-month data, the Allocetra group showed a 24% pain reduction and 26% functional improvement over placebo. The strongest improvements were seen in age-related osteoarthritis cases.

Enlivex will also appoint Matteo Renzi, former Prime Minister of Italy, to its board after the PIPE closes. The company maintains that RAIN token exposure aligns with its broader vision and complements its core clinical operations.