Bright Minds Biosciences Inc. announced the closing of a non-brokered private placement on November 4, 2024. The company issued 1,612,902 common shares at a price of USD$21.70 per share, generating aggregate gross proceeds of USD$35,000,000.
The offering saw participation from several major healthcare investors, including Cormorant Asset Management, RA Capital Management, Perceptive Advisors, Janus Henderson Investors, Vivo Capital, Acuta Capital Partners, and Schonfeld Strategic Advisors. Insiders of the company also subscribed for an aggregate of 188,940 shares, contributing USD$4,099,998 to the total proceeds.
Bright Minds Biosciences stated its intention to allocate the aggregate gross proceeds towards research and development activities related to its drug development programs, as well as for general working capital purposes. This capital infusion is expected to support the advancement of its pipeline, which includes novel compounds targeting neurological and psychiatric disorders.
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