Cyclerion sells zagociguat & CY3018 for $8M cash + 10% equity; CEO to lead NewCo

Cyclerion Therapeutics, Inc.

Receives $8M cash at closing and 10% equity in NewCo with anti-dilution protection through $100M post-money.
NewCo investors (Invus, Venrock, J Wood Capital, Sanofi Ventures) commit $81M to develop zagociguat and CY3018.
CEO Peter Hecht will transition to NewCo as CEO; Errol De Souza elected Chair of Cyclerion Board.
Signing triggers $5M equity investment by Hecht at $0.434/share; proceeds plus $8M expected to fund operations for 12+ mos.
Q1 2023 cash $7.2M (down from $13.4M year-end 2022); company to seek later-stage CNS assets under new leadership.

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Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.7

Cyclerion Therapeutics, Inc. reported financial results for first quarter 2023.

Period: first quarter 2023
Result: reported results

Exact text from the filing

Cyclerion Therapeutics, Inc. (Nasdaq: CYCN) today announced corporate updates and first quarter 2023 financial results.

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Cyclerion Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001140361-23-024218

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