Business
Satellos Bioscience Announces 2023 Q1 Financial Results and Operational Highlights
- $55 million equity financing closed - Resourced to advance lead drug candidate into clinical...
About this update from Satellos Bioscience Inc
[{"type":"text","content":"Satellos Bioscience Announces 2023 Q1 Financial Results and Operational Highlights- $55 million equity financing closed- Resourced to advance lead drug candidate into clinical trialsToronto, Ontario--(Newsfile Corp. - May 30, 2023) - Satellos Bioscience Inc. (TSXV: MSCL) (\"Satellos\" or the \"Company\"), a regenerative medicine company aimed at developing therapeutics that change the way degenerative muscle diseases are treated, announced today its financial results and operational highlights for the three months ending March 31, 2023. All references to currency in this press release are in Canadian dollars unless otherwise noted. Satellos' interim condensed consolidated financial statements for the three months ended March 31, 2023, and the related management's discussion and analysis (MD&A) are available on SEDAR at www.sedar.com. \"This was a significant quarter for the Company with the closing of a $55 million equity financing with leading biotech and health sector investors,\" said Frank Gleeson, President and CEO of Satellos. \"We now have the financial resources to advance our lead drug candidate, SAT-3153, a novel small molecule as a potential disease-modifying treatment for Duchenne muscular dystrophy, into clinical study.\" Business HighlightsProgram and operational highlights for the three months ended March 31, 2023, along with recent developments include:The Company reported results of preclinical studies of SAT-3153 as its lead drug candidate which it conducted in the mdx disease model of Duchenne muscular dystrophy (DMD) showing significant increases in muscle strength and size after two weeks of treatment.Completion of a non-brokered private placement offering of 10% unsecured non-convertible debenture units during the quarter on March 24, 2023, under which Satellos raised gross proceeds of $2,385,000 to be used for general corporate and working capital purposes. Closing of an equity offering (the \"Equity Offering\") after the end of the quarter on May 17th, 2023, for gross proceeds of $55,000,000, under which subscribers either purchased common shares at $0.50 per common share (the \"Common Shares\") or pre-funded common share purchase warrants for $0.49999 per pre-funded common share purchase warrant (\"Pre-Funded Warrants\" and, together with the Common Shares, the \"Securities\"). Investors purchased a ...