60 Degrees Pharmaceuticals, Inc. Announces Closing of $4 Million Private Placement Priced At-the-Market Under Nasdaq Rules
September 06 2024 - 8:59AM
60 Degrees Pharmaceuticals, Inc. (NASDAQ: SXTP; SXTPW) (“60P” or
the “Company”), a pharmaceutical company focused on developing new
medicines for infectious diseases, today announced the closing of
its previously announced private placement, priced at-the-market
under Nasdaq rules, of an aggregate of 2,898,551 shares of its
common stock (or common stock equivalents in lieu thereof), series
A warrants to purchase up to 2,898,551 shares of common stock and
short-term series B warrants to purchase up to 2,898,551 shares of
common stock at a purchase price of $1.38 per share (or per common
stock equivalent in lieu thereof) and accompanying warrants. The
series A warrants and short-term series B warrants have an exercise
price of $1.38 per share and will be exercisable beginning on the
effective date of stockholder approval of the issuance of the
shares of common stock upon exercise of the warrants (the
“Stockholder Approval”). The series A warrants will expire five
years from the Stockholder Approval and the short-term series B
warrants will expire eighteen months from the Stockholder Approval.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the private placement.
The gross proceeds to 60P from the offering are
approximately $4 million, before deducting the placement agent’s
fees and other offering expenses payable by 60P, and excluding the
proceeds, if any, from the exercise of the warrants. 60P intends to
use the net proceeds from the offering for working capital, general
operations, commercialization activities related to Arakoda, and
the Company’s research and development program.
The securities described above were offered in a
private placement under Section 4(a)(2) of the Securities Act of
1933, as amended (the “Securities Act”), and/or Regulation D
promulgated thereunder and, along with the shares of common stock
underlying the warrants, have not been registered under the
Securities Act, or applicable state securities laws. Accordingly,
the securities described above, including the shares of common
stock underlying the warrants, may not be offered or sold in the
United States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act and such applicable state
securities laws.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy the securities in this
offering, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
About 60 Degrees Pharmaceuticals, Inc.
60 Degrees Pharmaceuticals, Inc., founded in
2010, specializes in developing and marketing new medicines for the
treatment and prevention of infectious diseases that affect the
lives of millions of people. 60 Degrees Pharmaceuticals,
Inc. achieved FDA approval of its lead product, ARAKODA®
(tafenoquine), for malaria prevention, in 2018. 60 Degrees
Pharmaceuticals, Inc. also collaborates with prominent
research organizations in the U.S., Australia,
and Singapore. The 60 Degrees Pharmaceuticals,
Inc. mission has been supported through in-kind funding from
the U.S. Department of Defense and private institutional
investors including Knight Therapeutics Inc., a Canadian-based
pan-American specialty pharmaceutical company. 60 Degrees
Pharmaceuticals, Inc. is headquartered in Washington
D.C., with a majority-owned subsidiary in Australia. Learn
more at www.60degreespharma.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release may contain “forward-looking
statements” within the meaning of the safe harbor provisions of
the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements reflect the current view about
future events, and include, among others, statements related to the
receipt of Stockholder Approval and the intended use of proceeds
from the private placement. When used in this press release, the
words “anticipate,” “believe,” “estimate,” “expect,” “future,”
“intend,” “plan,” or the negative of these terms and similar
expressions, as they relate to us or our management, identify
forward-looking statements. Forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are based only on our current
beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy, activities of
regulators and future regulations and other future conditions.
Because forward-looking statements relate to the future, they are
subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are
outside of our control. Our actual results and financial condition
may differ materially from those indicated in the forward-looking
statements. Therefore, you should not rely on any of these
forward-looking statements. Important factors that could cause our
actual results and financial condition to differ materially from
those indicated in the forward-looking statements include, among
others, the following: market and other conditions; there is
substantial doubt as to our ability to continue on a going-concern
basis; we might not be eligible for Australian government research
and development tax rebates; if we are not able to successfully
develop, obtain U.S. Food and Drug Administration (FDA) approval
for, and provide for the commercialization of non-malaria
prevention indications for tafenoquine (ARAKODA® or other
regimen) or Celgosivir in a timely manner, we may not be able to
expand our business operations; we may not be able to successfully
conduct planned clinical trials; and we have no manufacturing
capacity which puts us at risk of lengthy and costly delays of
bringing our products to market. More detailed information
about the Company and the risk factors that may affect the
realization of forward-looking statements is set forth in the
Company’s filings with the Securities and Exchange
Commission (“SEC”), including the information contained in our
Annual Report on Form 10-K filed with
the SEC on April 1, 2024, and our
subsequent SEC filings. Investors and security holders
are urged to read these documents free of charge on the SEC’s web
site at www.sec.gov. As a result of these matters, changes in
facts, assumptions not being realized or other circumstances, the
Company’s actual results may differ materially from the expected
results discussed in the forward-looking statements contained in
this press release. Any forward-looking statement made by us in
this press release is based only on information currently available
to us and speaks only as of the date on which it is made. We
undertake no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise, except is required by law.
Investor Contact: Patrick
Gaynespatrickgaynes@60degreespharma.com(310) 989-5666
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