Grace Therapeutics raises $4 million through warrant exercises

Grace Therapeutics Inc. (NASDAQ: GRCE) raised approximately $4.0 million through the exercise of common warrants originally issued in a September 2023 private placement, according to a company statement.

The biopharmaceutical company issued 1,345,464 new shares of common stock at an exercise price of $3.003 per share. The remaining 1,190,927 common warrants from the 2023 private placement have expired after the 60-day period following FDA acceptance of the company's New Drug Application for GTx-104.

The FDA has set a Prescription Drug User Fee Act target date of April 23, 2026, for its review of Grace Therapeutics' NDA submission for GTx-104. The application seeks approval for GTx-104 as a treatment for patients with aneurysmal subarachnoid hemorrhage.

GTx-104 is an injectable formulation of nimodipine designed for intravenous infusion in patients with aneurysmal subarachnoid hemorrhage, a condition that accounts for approximately 5% of all strokes and affects an estimated 42,500 U.S. hospital-treated patients annually.

The company's NDA submission includes data from its Phase 3 STRIVE-ON safety trial. GTx-104 has been administered to over 200 patients and healthy volunteers during clinical development.

Grace Therapeutics focuses on developing drug candidates for rare and orphan diseases. The company's lead clinical assets have received Orphan Drug Designation from the FDA, which provides seven years of marketing exclusivity in the United States following approval.

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