Inhibikase Therapeutics Inc. (NASDAQ:IKT) Stock Hits 5-Month High On Private Placement

The Inhibikase Therapeutics Inc. (NASDAQ:IKT) stock has emerged as a notable mover this morning on the back of a 38% rally so far.

Inhibikase Therapeutics Announces Pricing of $110 Million Private Placement to Advance IkT-001Pro, an Optimized Prodrug of Imatinib, into a Late-Stage Trial in Pulmonary Arterial Hypertension

The rally was triggered after the company announced the pricing details of a private placement worth around $110 million. There would be deductions for placement agent expenses and related placement costs.

In the news release, Inhibikase Therapeutics noted that the net proceeds raised through the private placement would be deployed towards the launch of a Phase 2b trial in PAH (pulmonary arterial hypertension) and also for general corporate expenses.

The private placement had been led by Soleus Capital, and a range of other new investors were also participants. Some of the new investors included Nantahala CapitalFairmount, BSQUARED Capital, Blackstone Multi-Asset Investing, Perceptive Advisors, Sands Capital, ADAR1 Capital Management, Commodore Capital, Stonepine Capital Management, and Spruce Street Capital.

The company would sell a total of 58,310,000 shares of its common stock, and instead of common stock, some investors would be issued with pre-funded warrants to pick up 21,985,000 shares of the Inhibikase Therapeutics common stock.

The pricing for each share of the common stock along with the pre-funded warrants had been set at $1.37 each. The exercise price for the pre-funded warrants would be $0.01 a share and could be exercised at any time following issuance. The warrants would not bear any expiration date.

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