Bright Minds Biosciences closes $175 million public offering

Bright Minds Biosciences Inc. (CSE: DRUG) (NASDAQ: DRUG) closed a public offering of 1,945,000 common shares at $90.00 per share, generating gross proceeds of $175,050,000. The biotechnology company also granted underwriters a 30-day option to purchase up to an additional 291,750 shares at the same price.

The company plans to use net proceeds to fund clinical trials for drug candidates targeting absence seizures, DEE, and Prader-Willi Syndrome. The funds will also support initiation of phase 1 clinical trials for BMB-105, research and development on earlier phase programs, and general corporate purposes.

Jefferies, TD Cowen, Piper Sandler & Co., and Cantor served as joint book-running managers for the offering. The transaction was conducted under a shelf registration statement on Form F-3 that became effective with the Securities and Exchange Commission on September 2, 2025.

Bright Minds develops treatments for neurological and psychiatric disorders, focusing on novel compounds that target brain receptors. The company has created a platform of serotonergic agonists with selectivity at different serotonergic receptors, providing a portfolio of programs in neurology and psychiatry.

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