CHESTERBROOK, Pa., July 29, 2022 (GLOBE NEWSWIRE) -- Trevena, Inc. (Nasdaq: TRVN) ("Trevena" or the "Company"), a biopharmaceutical company focused on the development and commercialization of novel medicines for patients with central nervous system (CNS) disorders, today announced the closing of its previously announced registered direct offering with a single healthcare-focused institutional investor for the purchase and sale of 1,800 shares of Series A convertible preferred stock (“Series A Preferred”) and 200 shares of Series B convertible preferred stock (“Series B Preferred”) and warrants exercisable to purchase up to an aggregate of 8,000,000 shares of common stock. Each share of preferred stock has a stated value of $1,000 per share and a conversion price of $0.25 per share. The shares of preferred stock issued in the offering are convertible into an aggregate of 8,000,000 shares of common stock. The warrants have an exercise price of $0.263 per share, will be exercisable beginning on the later of six months following the date of issuance and the effective date of a reverse stock split of the Company’s common stock in an amount sufficient to permit the exercise in full of the warrants, subject to stockholder approval of the reverse stock split, and will expire five and one-half years following the date of issuance.