60 Degrees Pharmaceuticals Secures $4 Million in Funding
60 Degrees Pharmaceuticals Secures Funding for Future Growth
In an exciting development, 60 Degrees Pharmaceuticals, Inc. (NASDAQ: SXTP; SXTPW), a pharmaceutical company dedicated to creating new treatments for infectious diseases, has announced the completion of a private placement. This offering raised $4 million and was executed in accordance with Nasdaq regulations, allowing the company to bolster its operations and further its mission.
Details of the Private Placement
The private placement involved the issuance of 2,898,551 shares of common stock, along with series A and short-term series B warrants, each exercisable to acquire additional shares at a price of $1.38 per share. The funds raised will primarily support working capital, commercialization strategies related to their key product, Arakoda, and ongoing research and development initiatives.
Partnership with H.C. Wainwright & Co.
In facilitating this funding, H.C. Wainwright & Co. served as the exclusive placement agent, demonstrating the confidence in 60 Degrees Pharmaceuticals and its future potential. With their support, the company is well-positioned to utilize these funds to advance its innovative solutions in infectious disease management.
Company Background
60 Degrees Pharmaceuticals, established in 2010, has made significant strides in the medical field, particularly with the FDA approval of ARAKODA® (tafenoquine), a product aimed at malaria prevention. Collaborating with esteemed research institutions across the globe, including those in the U.S. and Australia, the company is committed to making impactful contributions to public health. The strategic backing from both the U.S. Department of Defense and private investors has also been integral to the company's journey.
Looking Ahead
With a firm commitment to innovation and improvement in patient care, 60 Degrees Pharmaceuticals seeks to capitalize on this recent funding to enhance its product offerings. Their focus on infectious diseases continues to be paramount, as millions are affected by these conditions worldwide.
Frequently Asked Questions
What is the purpose of the private placement funds?
The funds will be used for working capital, general operations, and commercialization activities related to Arakoda.
What unique products does 60 Degrees Pharmaceuticals offer?
60 Degrees Pharmaceuticals specializes in treatments for infectious diseases, notably ARAKODA® for malaria prevention.
When was ARAKODA® approved by the FDA?
ARAKODA® received FDA approval in 2018, marking a significant milestone for the company.
Who acted as the placement agent for the recent offering?
H.C. Wainwright & Co. acted as the exclusive placement agent for the private placement.
How does 60 Degrees Pharmaceuticals collaborate with other organizations?
The company partners with notable research institutions and has received funding support from government entities and private investors to advance its research and development efforts.
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