Gain Therapeutics ( NASDAQ: GANX ) announces the pricing of an underwritten public offering of 7,116,547 shares of its common stock at $1.35 per share and pre-funded warrants to purchase 1,031,602 shares of common stock, for an expected gross proceeds of about $11.0 million.
The pre-funded warrants will be immediately exercisable, and may be exercised at any time after their original issuance. The purchase price of each pre-funded warrant in the offering will be equal to the price of a common stock sold, minus $0.0001, and the exercise price will be $0.
0001 per share. In addition, Gain has granted the underwriter a 30-day option to purchase up to an additional 1,222,222 shares of common stock at the public offering price. The company intends to use the net proceeds from the offering to continue clinical and nonclinical development of its lead product candidate GT-02287 for the treatment of neurodegenerative diseases including GBA1 Parkinson’s disease and for general corporate purposes.
The offering is expected to close on or about June 17, 2024. Shares in the company were down 27.51% in premarket trading on Friday.
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