Business
Cingulate Inc. Reports Second Quarter 2022 Financial Results and Provides Clinical and Business Update
$5 Million of Non-Dilutive FinancingVeteran Biotech Executive Appointed to Board KANSAS CITY, Kan., Aug. 11, 2022 (GLOBE NEWSWIRE) -- Cingulate Inc. (NASDAQ:
About this update from Cingulate Inc.
[{"type":"text","content":"$5 Million of Non-Dilutive FinancingVeteran Biotech Executive Appointed to Board KANSAS CITY, Kan., Aug. 11, 2022 (GLOBE NEWSWIRE) -- Cingulate Inc. (NASDAQ: CING), a clinical-stage biopharmaceutical company utilizing its proprietary Precision Timed Release™ (PTR™) drug delivery platform technology to build and advance a pipeline of next-generation pharmaceutical products, today announced its financial results for the quarter ended June 30, 2022, and provided a clinical and business update. Highlights include the announcement of $5 million of debt financing and the appointment of an additional member to Cingulate’s Board of Directors. “Cingulate continues to advance its mission in bringing next-generation medications to patients where standard-of-care treatments result in suboptimal outcomes. Millions of patients today who suffer from Attention Deficit/Hyperactivity Disorder (ADHD) and anxiety could benefit from the true once-daily medications we are advancing now,” said Shane J. Schaffer, Cingulate Chairman & CEO. Schaffer continued, “Capital is imperative to any clinical-stage company’s long-term success, so we’re pleased to announce that we strengthened our balance sheet through a non-dilutive transaction with board member and long-standing investor, Peter J. Werth. This additional financing exemplifies Werth’s confidence in Cingulate’s pipeline and overall mission. Furthermore, as we move toward our new drug application (NDA) filings, the appointment of Scott Applebaum to our board brings over 10 years of ADHD expertise and adds to the pharmaceutical industry hallmarks that comprise our board.” Werth Family Investment Associates Provides $5 Million of Debt Financing Cingulate received $5 million of debt financing from Werth Family Investment Associates LLC (WFIA). The promissory note executed in favor of WFIA is unsecured with interest accruing at 15% per annum. Outstanding principal and interest is due and payable on August 8, 2025, and WFIA has a right during the first five business days of each calendar quarter beginning April 1, 2023 to call for payment 120 days after notice to the Company. WFIA owns 871,731 shares of Cingulate common stock and Peter J. Werth, a member of Cingulate’s Board of Directors and the manager of WFIA, owns 21,849 shares of Cingulate common stock. Scott Applebaum Appointed to Cingulate Board of D...