Core Viewpoint - Grace Therapeutics, Inc. has announced a financing round to raise up to approximately $30 million, aimed at advancing its clinical-stage drug GTx-104 for treating aneurysmal Subarachnoid Hemorrhage (aSAH) patients [1][5][12] Financing Details - The financing is led by Nantahala Capital and ADAR1 Partners, LP, with participation from both new and existing healthcare-focused institutional investors, including Stonepine Capital Management [2] - The financing consists of $15 million in upfront gross proceeds, with the potential for an additional $15 million from warrant exercises, totaling up to approximately $30 million [1][3] - Grace Therapeutics will issue 4,418,292 shares of common stock and accompanying common warrants at a combined purchase price of $3.395 per share [3][4] Use of Proceeds - The upfront net proceeds from the private placement will be utilized for general corporate purposes and to fund the pre-commercial development of GTx-104 [5] Product Overview - GTx-104 is a novel injectable formulation of nimodipine being developed for IV infusion to address significant unmet medical needs in aSAH patients [10][12] - The drug aims to provide a convenient IV delivery method, potentially eliminating the need for nasogastric tube administration and reducing dosing errors [11] Clinical Background - aSAH is a type of stroke that accounts for about 5% of all strokes, with an estimated 42,500 hospital-treated patients in the U.S. [9] - Grace Therapeutics' lead clinical asset, GTx-104, has met its primary endpoint in the Phase 3 STRIVE-ON safety trial, showing clinical benefits over orally administered nimodipine [12]
Grace Therapeutics Announces Private Placement Financing of up to $30 Million