Equillium, Inc. ("Equillium" or the "Company") (Nasdaq: EQ), a biotechnology innovator developing novel therapies to treat severe autoimmune and inflammatory disorders, today announced it has entered into a definitive securities purchase agreement with leading healthcare investors that will provide up to $50 million in gross proceeds to Equillium. The private placement is comprised of (i) an initial upfront financing of approximately $30 million in gross proceeds in exchange for approximately 52.6 million shares of common stock (or, for certain investors, pre-funded warrants in lieu of common stock), representing a purchase price of $0.57 for each share of common stock sold at the initial closing (or $0.5699 for each pre-funded warrant sold in lieu of common stock at the initial closing), and (ii) the potential for up to an additional $20 million in gross proceeds in exchange for up to approximately 35.1 million shares of common stock (or, for certain investors, pre-funded warrants in lieu of common stock), subject to achieving specified milestones related to clinical study initiation and share price.
The financing is being led by new investors ADAR1 Capital Management and Janus Henderson Investors, and includes participation from additional new investors Adage Capital Partners LP, Coastlands Capital, and Woodline Partners LP.
"We’re delighted to have the support of such a strong syndicate of top-tier biotech investors who share our vision for advancing transformative therapies for patients," said Bruce Steel, Chief Executive Officer of Equillium. "This funding marks a significant milestone for Equillium, enabling us to accelerate the clinical development of EQ504 into a Phase 1 proof-of-mechanism study in mid-2026, with data expected to follow approximately six months thereafter."
https://finance.yahoo.com/news/equillium-announces-50-million-financing-123000161.html
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