Following the acceptance of its abstract for poster presentation at a significant event, Cyclo Therapeutics Inc. (NASD: CYTH) is soaring on the market today, up 30.50% to trade at $1.84 at the most recent check in premarket activity.
Where will the CYTH abstract be displayed?
The Society for Inherited Metabolic Disorders (SIMD) 44th Annual Meeting will take place March 18–21, 2023, in Salt Lake City, Utah. Cyclo Therapeutics (CYTH) recently announced that its abstract has been approved for a poster presentation. Cyclo Therapeutics is excited about the chance to take part in the next SIMD Annual Meeting and engage with everyone working to advance clinical research and science in order to better understand the origin and historical background of hereditary metabolic diseases.
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With its clinical program dedicated to Niemann Pick Disease Type C (NPC), CYTH may work with patient groups to solve unmet medical requirements, increase awareness of them, and provide support. The results of CYTH’s current Phase 3 clinical research, TransportNPC, have given the company hope that Trappsol Cyclo will one day be a secure and efficient treatment for NPC.
CYTH signed a contract for private placement
Last week, CYTH signed a legally binding securities purchase agreement to buy and sell 2,608,696 shares of common stock (or common stock equivalents) in a registered direct offering with a market price of $1.61 per share. Additionally, CYTH will issue series A-1 warrants to buy up to 2,608,696 shares of common stock and Series A-2 warrants to buy up to 2,608,696 shares of common stock in a concurrent private placement.
Each series of warrants is exercisable on the day of issuance and has an exercise price of $1.36 per share. The period for the series A-1 warrants is five years starting from the issuance date, while the term for the series A-2 warrants is three years starting from the issuance date.
How will CYTH use the money received?
Before subtracting the placement agent’s fees and other offering expenses that the Company is responsible for, the total proceeds from this offering to CYTH are anticipated to be around $4.2 million. The net proceeds from this offering will be used by Cyclo Therapeutics (CYTH) for working capital needs, including the conduct of its pivotal Phase III study for the use of Trappsol Cyclo in the treatment of NPC.
