Shattuck Labs announced it has entered into a securities purchase agreement for an oversubscribed private placement financing, expected to generate total gross proceeds of up to approximately $103 million. The financing was led by OrbiMed and included participation from other new and existing investors.
The private placement involves the issuance of 15,225,158 shares of common stock and 37,410,188 pre-funded warrants, along with accompanying warrants to purchase 52,635,346 shares of common stock. The purchase price for each share and accompanying warrant is $0.8677, with the accompanying warrant having an exercise price of $1.0846.
Initial gross proceeds are anticipated to be approximately $46 million, with an additional $57 million possible if the accompanying common stock warrants are fully exercised. The proceeds are intended to fund the clinical development of SL-325 through multiple Phase 2 clinical trials, including in Inflammatory Bowel Disease (IBD) and potentially another autoimmune disease, and to extend the company's cash runway into 2029.
The closing of the private placement is contingent upon the Investigational New Drug Application (IND) clearance for SL-325 and other customary closing conditions. Enrollment in the Phase 1 clinical trial for SL-325 is expected to begin in the third quarter of 2025, subject to regulatory alignment.
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