60 Degrees Pharmaceuticals closes $5 million public offering

60 Degrees Pharmaceuticals Inc. (NASDAQ: SXTP) completed a public offering that raised $5 million in gross proceeds before fees and expenses, according to a company statement.

The pharmaceutical company sold 2,631,578 shares of common stock and pre-funded warrants at $1.90 per share. The offering included Series A-1 warrants and Series A-2 warrants, both with exercise prices of $1.90 per share.

The Series A-1 warrants expire in five years, while the Series A-2 warrants expire in 18 months. If the short-term Series A-2 warrants are fully exercised, the company could receive an additional $5 million in gross proceeds.

H.C. Wainwright & Co. served as the exclusive placement agent for the offering. The Securities and Exchange Commission declared the registration statement effective on July 15.

60 Degrees Pharmaceuticals plans to use the net proceeds for working capital and general corporate purposes. The Washington-based company focuses on developing medicines for infectious diseases and received FDA approval for its malaria prevention drug ARAKODA in 2018.

The offering was conducted through a registration statement on Form S-1 filed with the SEC on July 7.

You May Also Be Interested In

• TOYO Co. launches $50M direct offering for Texas solar facility
• Fabric.AI stockholders approve Kopin partnership for MicroLED interconnect
• Hertz proposes $100M common stock offering via share lending deal