VIGL - Vigil Neuroscience Announces $40 Million Strategic Investment from Sanofi | Benzinga
- Sanofi to invest $40 million at an as-converted price of $7.44 per share of common stock-
- Sanofi to receive an exclusive right of first negotiation for license of Company's small molecule TREM2 agonist program, including VG-3927, currently in phase 1 clinical studies -
- Company expects proceeds to extend cash runway into 2026 -
WATERTOWN, Mass., June 27, 2024 (GLOBE NEWSWIRE) -- Vigil Neuroscience, Inc. (NASDAQ:VIGL), a clinical-stage biotechnology company committed to harnessing the power of microglia for the treatment of neurodegenerative diseases, is pleased to announce that Sanofi (NASDAQ:SNY) has made a $40 million strategic investment in the Company at an as-converted price of $7.44 per share of common stock. Sanofi will purchase 537,634 of the Company's Series A non-voting preferred shares, each share of which shall be convertible into ten shares of common stock. The Company will use the proceeds to fund its research and development activities.
"We are excited by this strategic investment from Sanofi, one of the world's leading biopharmaceutical companies, for our research and development programs," said Ivana Magov?evi?-Liebisch, Ph.D., J.D., President and Chief Executive Officer of Vigil. "We view Sanofi's investment in Vigil as a validation of our promising precision medicine approach led by our two differentiated TREM2 modalities, iluzanebart and VG-3927, and Sanofi has provided valuable capital to help fund our pipeline. We look forward to the opportunity to work with Sanofi as we continue to advance our small molecule TREM2 agonist program."
"Recent discoveries have highlighted the role of microglial signaling and neuroinflammation in neurodegenerative diseases. TREM2 is a well credentialed microglia target in this context," said Erik Wallstroem, Sanofi's Global Head of Neurology Development. "The ...