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60 Degrees Pharmaceuticals Announces Pricing of Public Offering

Strategic Insights

— 1 min read

60 Degrees Pharmaceuticals, Inc., a pharmaceutical company focused on developing new medicines for infectious diseases, has announced the pricing of a public offering of 2,631,578 shares of its common stock and accompanying warrants. The offering, priced at $1.90 per share, is expected to raise approximately $5 million in gross proceeds, with the potential for an additional $5 million from the exercise of short-term Series A-2 warrants. The company intends to use the net proceeds for working capital and general corporate purposes.

Key Takeaways:

  • 60 Degrees Pharmaceuticals has priced a public offering of 2,631,578 shares of common stock and accompanying Series A-1 and Series A-2 warrants.
  • The offering is priced at $1.90 per share, with a combined offering price of $1.90 per share and accompanying warrants.
  • The gross proceeds from the offering are expected to be approximately $5 million, with the potential for an additional $5 million from the exercise of short-term Series A-2 warrants.
  • The company plans to use the net proceeds from the offering for working capital and general corporate purposes.
  • 60 Degrees Pharmaceuticals intends to satisfy customary closing conditions related to the offering, including preparing the common stock and accompanying warrants for sale.
  • The company collaborates with prominent research organizations in the U.S., Australia, and Singapore, with support from in-kind funding from the U.S. Department of Defense and private institutional investors.

Statistics:

  • 2,631,578 shares of common stock and accompanying Series A-1 and Series A-2 warrants are being offered in the public offering.
  • The offering is priced at $1.90 per share, with a combined offering price of $1.90 per share and accompanying warrants.
  • The gross proceeds from the offering are expected to be approximately $5 million, with the potential for an additional $5 million from the exercise of short-term Series A-2 warrants.
  • The company has a majority-owned subsidiary in Australia and is headquartered in Washington D.C.
  • 60 Degrees Pharmaceuticals has received FDA approval for its lead product, ARAKODA (R) (tafenoquine), for malaria prevention in 2018.

Sources:

  • 60 Degrees Pharmaceuticals, Inc.
  • GlobeNewswire
  • Securities and Exchange Commission (SEC)
  • Knight Therapeutics Inc.
  • Comtex_467343024

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