60 Degrees Pharmaceuticals Secures $4 Million Through Placement
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60 Degrees Pharmaceuticals Announces Private Placement Funding
60 Degrees Pharmaceuticals, Inc. (NASDAQ: SXTP; SXTPW), a dedicated player in the pharmaceutical industry focused on innovative treatments for infectious diseases, has revealed its plans for a $4 million private placement. This funding will support their ongoing projects and enhance their ability to develop new medicine. The announcement underscores the company's commitment to addressing significant health challenges faced globally.
Details of the Private Placement
The private placement involves the issuance of approximately 2,898,551 shares of common stock and accompanying warrants. Priced at $1.38 per share, the deal also includes series A and short-term series B warrants, which grant the holder rights to purchase additional shares at the same price. The series A warrants will remain effective for five years, while the series B warrants will be valid for 18 months from stockholder approval. The transaction is expected to close shortly, subject to standard closing conditions.
Role of H.C. Wainwright & Co.
H.C. Wainwright & Co. has been appointed as the exclusive placement agent for this private funding venture. Their expertise in the capital markets is expected to facilitate the smooth execution of this investment opportunity.
Projected Use of Funds
The proceeds from this private placement will primarily be utilized for working capital and to bolster key areas including general operations and the commercialization of Arakoda, their flagship product designed for malaria prevention. In addition, it will support ongoing research and development efforts aimed at expanding their portfolio of treatments against infectious diseases.
Company Overview
Founded in 2010, 60 Degrees Pharmaceuticals has carved a niche for itself in developing and marketing medicines for infectious diseases that impact millions worldwide. Notably, the company received FDA approval for ARAKODA® (tafenoquine), which is pivotal in malaria prevention. By partnering with esteemed research organizations across various countries, 60 Degrees Pharmaceuticals aims to leverage their expertise and resources for optimal outcomes. Supported through funding from both the U.S. Department of Defense and private investors like Knight Therapeutics Inc., the company is positioned for growth and further innovation.
Headquarters and Operations
With its base in Washington D.C., 60 Degrees Pharmaceuticals also has a significant operational footprint through its majority-owned subsidiary in Australia. This geographical diversity enhances its research capabilities and connects it with international markets.
Frequently Asked Questions
What is the significance of the private placement?
This private placement provides 60 Degrees Pharmaceuticals with the necessary funding to advance their drug development and operational strategies, particularly for their malaria prevention product and ongoing R&D efforts.
Who is the placement agent for this transaction?
H.C. Wainwright & Co. has been appointed as the exclusive placement agent, bringing in their considerable expertise to ensure a successful placement.
How will the funds be utilized?
The raised funds will be directed towards working capital, general operations, and the commercialization of Arakoda, in addition to supporting the company’s research and development efforts.
When is the expected closing date for the funding?
The closing of the placement is anticipated to occur shortly, pending the fulfillment of customary closing conditions.
What is the history of 60 Degrees Pharmaceuticals?
Established in 2010, 60 Degrees Pharmaceuticals focuses on innovative therapies for infectious diseases and achieved FDA approval for ARAKODA in 2018, marking a significant milestone in its journey.
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