Cortexyme Announces $125 Million Private Placement
Cortexyme, Inc. (CRTX)
Company Research
Source: Business Wire
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Cortexyme, Inc. (Nasdaq: CRTX), a clinical stage biopharmaceutical company pioneering a novel disease-modifying therapeutic approach to treat Alzheimer’s and other degenerative diseases, today announced that it has entered into stock purchase agreements with a group of institutional investors and an entity affiliated with a member of the Company’s Board of Directors in connection with a private placement of its common stock. The transaction is expected to result in gross proceeds to the Company of $125 million, before deducting placement agent fees and other offering expenses. The Company plans to use the net proceeds from the private placement primarily to advance clinical development, as well as for general corporate purposes.The Company will issue 2,500,000 shares of common stock for a purchase price of $50.00 per share, which was based upon the volume weighted average price of the Company’s common stock since January 1, 2020, and r
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