©Reuters.
PURCHASE, NY – Cognition Therapeutics, Inc. (NASDAQ:CGTX), a clinical-stage biopharmaceutical company, announced the pricing of its underwritten public offering. The company priced 6,571,428 shares at $1.75 per share. In addition, the underwriters have been granted a 30-day option to purchase up to an additional 985,714 shares under the same terms. The offering is expected to close on March 14, 2024, subject to customary closing conditions.
Proceeds from the offering are expected to total approximately $11.5 million, before deducting underwriting discounts, commissions and other estimated offering expenses, and are intended to support various corporate activities. These include funding the research and clinical development of the Company's neurodegenerative disease product candidates, manufacturing processes, working capital, capital expenditures, and other general corporate purposes.
Titan Partners Group, a division of American Capital Partners, serves as the sole bookkeeper for this service. The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (SEC) on December 23, 2022 and declared effective on January 3, 2023. Securities will be offered only by means of a prospectus and prospectus supplement. Part of the registration statement. A preliminary prospectus supplement relating to this offering was filed with the SEC on March 11, 2024.
Cognitive Therapeutics focuses primarily on the development of small molecule therapeutics for age-related degenerative diseases that affect the central nervous system and retina. Its lead candidate, CT1812, is being studied in clinical programs targeting Alzheimer's disease, dementia with Lewy bodies (DLB), and dry age-related macular degeneration (Dry AMD (NASDAQ:)). The company believes its approach, which involves modulation of the σ-2 receptor, is distinct from other clinical development strategies for treating degenerative diseases.
This article was generated with the help of AI and reviewed by an editor. Please see our Terms of Use for more information.
