Business
Satellos Bioscience Closes $55M Financing to Support Development of its Lead Drug Candidate for Duchenne Muscular Dystrophy
Toronto, Ontario--(Newsfile Corp. - May 17, 2023) - Satellos Bioscience Inc. (TSXV: MSCL) (" Sate...
About this update from Satellos Bioscience Inc
[{"type":"text","content":"Satellos Bioscience Closes $55M Financing to Support Development of its Lead Drug Candidate for Duchenne Muscular DystrophyToronto, Ontario--(Newsfile Corp. - May 17, 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, today announced that it has closed an equity offering, issuing a total of 110 million equity securities for gross proceeds of $55 million (the \"Offering\"). The Offering included participation from funds managed by Avidity Partners, Qiming Venture Partners USA, Perceptive Advisors, Soleus Capital, FMB Research, Allostery Investments and other leading healthcare specialized institutional investors. \"This financing culminates a transformational set of results for Satellos, showing the potential for our lead drug candidate for Duchenne muscular dystrophy to address the underlying disease and with the potential to significantly change the prospects for improved quality of life for patients,\" said Frank Gleeson, Co-Founder and CEO of Satellos. \"We are pleased to have the support and confidence of this high-quality group of healthcare-focused investors. This funding will enable us to advance the clinical development of our lead program as expeditiously as possible. We look forward to providing regular updates on this promising program.\" Details of the OfferingBloom Burton Securities Inc. acted as exclusive agent and book running manager for the Offering (the \"Agent\"). Under the Offering, 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 total of 110,000,000 Securities (consisting of 70,297,220 Common Shares and 39,702,780 Pre-Funded Warrants) for gross proceeds of $55M. In Canada, the Securities purchased pursuant to the Offering were qualified for sale by way of a final short form prospectus dated May 9, 2023, which was filed in British Columbia, Alberta and Ontario. The Securities were purchased by way of private placement in the United States, pursuant to exemptions from the registration requirements under the...