CYTH - Cyclo Therapeutics announces direct offering for up to $4.2M
- Cyclo Therapeutics ( NASDAQ: CYTH ) on Friday said it had entered into a securities purchase agreement for 2.6M shares of its common stock at a purchase price of $1.61/share.
- The agreement is a registered direct offering priced at-the-market under Nasdaq rules, CYTH said in a statement .
- CYTH expects gross proceeds from the offering of about $4.2M.
- The company will use the proceeds for working capital purposes, including continuing its phase 3 trial for the treatment of a rare inherited disease called Niemann-Pick Disease Type C.
- The offering is expected to close on or about Jan. 3, 2023.
- Cyclo ( CYTH ) stock was -5.6% to $1.36 in premarket trade.
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Cyclo Therapeutics announces direct offering for up to $4.2M