HJBC/iStock Editorial via Getty Images Clinical-stage biotechnology company Vigil Neuroscience ( NASDAQ: VIGL ) said that Sanofi ( NASDAQ: SNY ) has made a $40M strategic investment in the company at an as-converted price of $7.44 per share. Sanofi will purchase 537,634 of the company’s Series A non-voting preferred shares, each share of which shall be convertible into ten shares of common stock.
The company will use the proceeds to fund its research and development activities. Sanofi to receive an exclusive right of first negotiation for license of company’s small molecule TREM2 agonist program, including VG-3927, currently in phase 1 clinical studies. The company expects that the proceeds from Sanofi’s ( SNY ) investment will extend its cash runway into 2026.
The stock price gained 34% on Thursday during pre-market hours of trade. More on Vigil Neuroscience Biggest stock movers today: BB, MU, and more Augustine Therapeutics raises €17M in series A first closing Seeking Alpha’s Quant Rating on Vigil Neuroscience Historical earnings data for Vigil Neuroscience Financial information for Vigil Neuroscience.