Acasti Pharma closes $7.5M private placement for GTX-104 development

Grace Therapeutics, Inc.

Closed private placement on Sept 25, 2023: 1.95M common shares at $1.848 each, pre-funded warrants for 2.11M shares, and common warrants for 2.54M shares at $3.003 exercise.
Gross proceeds ~$7.5M, net ~$7.3M after fees; related parties (Shore Pharma, SS Pharma) participated.
Proceeds intended for GTX-104 Phase 3 trial, pre-commercial planning, working capital, and general corporate purposes.
Common warrants expire on the earlier of 60 days after FDA NDA acceptance for GTX-104 or 5 years from issuance.
Company to file resale registration statement within 30 days; failure may trigger liquidated damages.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Grace Therapeutics, Inc. entered into Purchase Agreement with certain institutional and accredited investors valued at approximately $7.3 million (effective 2023-09-24).

Action: entry
Agreement: equity purchase
Counterparty: certain institutional and accredited investors
Value: approximately $7.3 million
Effective: 2023-09-24

Exact text from the filing

On September 24, 2023, Acasti Pharma Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with certain institutional and accredited investors in connection with a private placement offering of the Company's securities (the “Offering”).

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Grace Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-049796

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