As per Bijing.com, NASDAQ-listed clinical-stage biopharmaceutical company Enlivex Therapeutics plans to raise $212 million through a private investment in public equity (PIPE) to launch a Rain token digital asset treasury (DAT). The company claims this will be the first DAT built on a prediction market token. Rain, a fully decentralized prediction market protocol on Arbitrum, allows users to create markets and trade custom options in any language, with results resolved by AI and a buyback-and-burn mechanism tied to RAIN tokens. Enlivex's board chairman Shai Novik stated that Rain aligns with the next phase of prediction markets—decentralized, open, and permissionless. The company will use the funds to purchase RAIN tokens, which will become its primary treasury reserve asset. The PIPE will issue 212 million shares at $1 each, with proceeds to be used for RAIN token purchases from the market and liquidity providers. The deal is expected to close by November 25, subject to standard conditions. Enlivex will also continue developing its late-stage therapy Allocetra for osteoarthritis.
Enlivex to Raise $212M for Rain Token DAT, Calls It First Prediction Market-Based Asset
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