Cingulate Completes Financing Transaction for Net Proceeds of $5,000,000

Company Overview - Cingulate Inc. (NASDAQ:CING) is a biopharmaceutical company focused on developing next-generation pharmaceutical products using its proprietary Precision Timed Release™ (PTR™) drug delivery platform technology [2][7] - The company aims to improve treatment outcomes for patients with conditions that require burdensome daily dosing regimens, initially focusing on ADHD and exploring additional therapeutic areas such as anxiety disorders [2] Financial Transaction - Cingulate has completed a financing transaction with an accredited investor, resulting in net proceeds of $5 million [7] - The transaction involved a non-convertible, unsecured promissory note with a principal amount of $5,480,000, accruing interest at a rate of 9% per annum and maturing 18 months after issuance [7] Use of Proceeds - The net proceeds from the financing will be utilized for working capital and general corporate purposes, providing the company with a cash runway to fund clinical, manufacturing, and regulatory activities, as well as operating costs into the fourth quarter of 2025 [3] - The company plans to file a New Drug Application (NDA) for potential FDA approval of CTx-1301, targeting mid-2025 for this filing [3]