$STTK - Shattuck Labs Announces Oversubscribed Private Placement of Up to Approximately $103 Million - https://t.co/dvGOapQ3Oj
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$STTK (+39.2% pre) Shattuck Labs Announces Oversubscribed Private Placement of Up to Approximately $103 Million https://t.co/5YfbLedaNL
Shattuck Labs Inc. said it has secured an oversubscribed private placement that could raise up to $103 million before fees, providing the biotech with enough capital to fund operations into 2029. The financing, led by health-care investor OrbiMed and joined by Coastlands Capital, Prosight Capital, Adage Capital, Redmile Group and NextBio Capital, involves the sale of 15.2 million common shares and 37.4 million pre-funded warrants at $0.8677 per share. Investors also received warrants exercisable at $1.0846 that could deliver an additional $57 million if fully exercised, lifting total gross proceeds to the headline figure. Shattuck intends to use the money to advance SL-325, a potentially first-in-class antibody that blocks Death Receptor 3, through multiple Phase 2 trials in Crohn’s disease and ulcerative colitis. Enrollment in a Phase 1 study is expected to begin this quarter, pending clearance of an investigational-new-drug application, a condition for closing the financing. The company said the combined funds and existing cash will cover development plans for SL-325 and other pipeline assets through the end of the decade. The capital raise underscores renewed investor interest in early-stage immunology programs and marks one of the larger private placements for a small-cap biotech this year. Shattuck shares rose about 39% in US pre-market trading following the announcement.
