Clene Nanomedicine Inc., of Salt Lake City, said it closed a $42.5 million oversubscribed series D equity financing. The proceeds will be used to advance the company’s clinical pipeline, particularly the lead nanocatalyst, CNM-Au8, an orally administered therapeutic under investigation for the neurorepair of various neurodegenerative diseases including multiple sclerosis, Parkinson’s disease and amyotrophic lateral sclerosis.
Cocrystal Pharma Inc., of Bothell, Wash., said, due to demand, the underwriter has agreed to increase the size of its public offering and purchase 14.285 million shares priced at $1.05 each, less underwriting discounts and commissions. The underwriter has also been granted a 30-day option to purchase up to an additional 2.14 million shares. The gross proceeds, assuming no exercise of the underwriter's option to purchase additional common stock, are expected to be approximately $15 million and the net proceeds will be used for the expansion of its COVID-19 and influenza treatment development programs and general corporate purposes and working capital.
Cyclo Therapeutics Inc., of Gainesville, Fla., said it closed a private placement of its securities with a group of accredited investors who purchased a total of 28 million units at $0.10 each resulting in gross proceeds of approximately $2.8 million. Each unit consists of one share and one warrant to purchase a share of common stock at an exercise price of $0.15 per share. The company plans to begin a phase III global pivotal clinical program later this year for treatment of Niemann-Pick disease type C by intravenous administration of Trappsol Cyclo, its formulation of hydroxypropyl beta cyclodextrin.
Fortress Biotech Inc., of New York, said it priced an underwritten public offering of 666,666 shares of its 9.375% series A cumulative redeemable perpetual preferred stock priced at $18 per share, with expected gross proceeds of approximately $12 million. In addition, the underwriters have been granted a 45-day option to purchase up to 66,666 additional shares of its series A preferred stock at the public offering price, less underwriting discounts and commissions. The net proceeds will be used for general corporate purposes, which may include research and development expenditures, clinical trial expenditures, manufacture and supply of product, and working capital.
Newton Biocapital I, of Brussels, Belgium, said it has invested ¥480 million (US$4.5 million), which will be split in two tranches, in J-Pharma Co. Ltd., of Tokyo, Japan, as part of a total series D round of ¥1.746 billion (US$16.4 million). The company is focused on membrane transporters and is developing JPH-203 for the treatment of refractory advanced biliary tract cancer, OKY-034 for the treatment of refractory advanced pancreatic cancer and LAT1 inhibitors for the treatment of autoimmune diseases.
Odonate Therapeutics Inc., of San Diego, said it is conducting an underwritten public offering of shares of its common stock and granted the underwriters a 30-day option to purchase additional shares of its common stock. The net proceeds will be used for development, regulatory and commercial preparation activities relating to tesetaxel, as well as for working capital and general corporate purposes.
Phosplatin Therapeutics LLC, of New York, said it completed an oversubscribed $18.4 million private financing round. The proceeds will be used to complete phase II clinical proof-of-concept studies for lead candidate PT-112, a small-molecule conjugate of pyrophosphate that promotes immunogenic cell death, or the release of damage associated molecular patterns that lead to downstream immune effector cell recruitment in the tumor microenvironment.
Sun Biopharma Inc., of Minneapolis, which is developing small-molecule therapies for pancreatic cancer, has revised the terms of its IPO and plans to raise up to $11 million by offering 2.1 million shares at $5. The company is also offering warrants to purchase 2.1 million shares. In June it authorized clinical trial sites to resume enrollment in the expansion cohort of its phase Ia/Ib trial of SNBP-101 in combination with gemcitabine and nab-paclitaxel in patients previously untreated for metastatic pancreatic ductal adenocarcinoma. The company plans to list on the Nasdaq under the symbol SNBP.
Tracon Pharmaceuticals Inc., of San Diego, said it entered into a definitive securities purchase agreement with an institutional health care focused fund to raise gross proceeds of approximately $5 million through a private placement of approximately 3.1 million shares, or in lieu of common stock, prefunded warrants to purchase common stock, at $1.64 each. The net proceeds will be used to conduct the ENVASARC pivotal study of envafolimab in sarcoma and for working capital and general corporate purposes.