ALGS - Aligos Therapeutics Announces $92 Million Private Placement Financing | Benzinga
Proceeds expected to fund the following:
- NASH (ALG-055009): top line data from Phase 2a study (Q4 2024)
- Hepatitis B/CAM-E (ALG-000184): Phase 2 enabling activities (H2 2024)
- Funding expected to extend cash runway through end of 2025
SOUTH SAN FRANCISCO, Calif., Oct. 23, 2023 (GLOBE NEWSWIRE) -- Aligos Therapeutics, Inc. (NASDAQ:ALGS), a clinical stage biopharmaceutical company focused on developing novel therapeutics to address unmet medical needs in liver and viral diseases, today announced that it has entered into a securities purchase agreement for a private placement that is expected to result in gross proceeds of approximately $92 million, before deducting placement agent fees and other expenses, to advance its portfolio of drug candidates.
The private placement is being led by a life sciences dedicated investment firm with participation from other new and existing institutional investors including Armistice Capital, Deep Track Capital, EcoR1 Capital and Roche Venture Fund, among others. Also participating in the private placement are certain members of the company's Board of Directors, including Lawrence M. Blatt, Ph.D., M.B.A, the company's Chairman and Chief Executive Officer.
Aligos currently expects to use the net proceeds from the private placement, together with its existing cash, cash equivalents and investments, to fund the continued advancement of its Phase 2a NASH, ALG-055009 study evaluating its thyroid hormone receptor beta agonist, its CAM-E candidate, ALG-000184, as well as to fund discovery and research to broaden its pipeline of drug candidates, and for other general corporate purposes.
Aligos believes its cash, cash equivalents and investments, including the expected net proceeds from the private placement, will provide sufficient funding of planned operations through the end of 2025.
In the private placement, Aligos is selling 31,429,266 shares of common stock, pre-funded warrants to purchase up to 81,054,686 shares of common stock and accompanying warrants to purchase up to 56,241,973 shares of common stock, at ...