Inhibikase Therapeutics, Inc., a clinical-stage pharmaceutical company developing protein kinase inhibitor therapeutics to modify the course of Parkinson’s disease (“PD”), Parkinson’s-related disorders and other diseases of the Abelson Tyrosine Kinases, today announced that it has closed its previously announced registered direct offering for the issuance and sale of 6,744,187 of its shares of common stock (or common stock equivalents) at a purchase price of $0.86 per share (or common stock equivalent). The Company also closed its previously announced concurrent private placement for the issuance and sale of 4,883,721 of its shares of common stock (or common stock equivalents), at the same purchase price as in the registered direct offering. In addition, in connection with the offerings, the Company issued unregistered warrants to purchase up to an aggregate of 11,627,908 shares of common stock. The registered direct offering and the private placement were priced at a premium to market under Nasdaq rules.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offerings.
The warrants have an exercise price $0.75 per share, are exercisable immediately upon issuance and have a term of five years from the date of issuance.
The aggregate gross proceeds to the Company from the concurrent offerings was approximately $10 million, before deducting the placement agent’s fees and other offering expenses payable by Inhibikase. The Company currently intends to use the net proceeds from the offerings for general corporate purposes, including clinical trials, product candidate development and manufacturing activities for product candidates, and to meet working capital needs.