BETHESDA, Md. - Gain Therapeutics, Inc. (NASDAQ:GANX) announced today its intention to offer and sell shares of its common stock in an underwritten public offering. The biotech company, which specializes in developing treatments for neurodegenerative diseases, also plans to offer pre-funded warrants as an alternative to shares. In addition, Gain will give the underwriter a 30-day option to purchase up to an additional 15% of the shares and warrants issued.
The proceeds from the offering are earmarked for the clinical and nonclinical development of GT-02287, Gain's lead product candidate targeting GBA1 Parkinson’s disease, alongside general corporate purposes. The offering's final terms will be subject to market conditions and other factors at the time of pricing, with no guarantee of the offering's completion or its terms.
Titan Partners Group, a division of American Capital, is the sole bookrunner for the offering. The securities will be offered pursuant to an effective shelf registration statement, and a preliminary prospectus supplement describing the offering will be filed with the SEC.
Gain Therapeutics is at the forefront of creating next-generation allosteric therapies using its Magellan™ drug discovery platform, which employs AI, proprietary algorithms, and supercomputer-powered models to identify novel drug targets.
In other recent news, Gain Therapeutics has reported significant advancements in its Parkinson's disease research. The company's lead drug candidate, GT-02287, demonstrated improvements in cognitive performance in a preclinical study of GBA1 Parkinson's disease. The drug also showed potential in enhancing daily activities and reducing neurofilament light chain levels, a potential biomarker for neurodegeneration.
In addition to these developments, Gain Therapeutics has announced positive results from its Phase 1 clinical trial for GT-02287, which was well tolerated at all dose levels with no serious adverse events reported. The trial's findings support the continuation of GT-02287's development, with the completion of the multiple ascending dose portion anticipated in the second quarter of 2024.
In the realm of corporate changes, Gain Therapeutics recently welcomed Gene Mack as its new Chief Financial Officer, bringing over two decades of experience in the life sciences sector. Concurrently, the company appointed Jonas Hannestad, M.D., Ph.D., as its Chief Medical Officer, who brings extensive experience in translational and early clinical development in the central nervous system field. These are recent developments in Gain Therapeutics' efforts to advance its research and development of therapies for challenging diseases.
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