Vistagen Announces $100M Underwritten Offer to Fund Social Anxiety Drug Program
Vistagen Therapeutics (Nasdaq: VTGN) has announced the pricing of a $100 million underwritten offering of its common stock and warrants.
Vistagen intends to use the net proceeds from the offering for expenses associated with development of its product candidates, including, primarily, its PALISADE Phase 3 program for fasedienol for the acute treatment of anxiety in adults with social anxiety disorder (SAD).
Highlights
At a combined purchase price of $5.38 per share of common stock, accompanying T1 Warrant and accompanying T2 Warrant, the offering consists of 15,010,810 shares of Vistagen common stock, accompanying warrants to purchase up to 9,294,022 shares of Vistagen common stock at an exercise price of $5.38 per share or pre-funded warrant, and accompanying warrants to purchase up to 11,265,086 shares of its common stock at an exercise price of $8.877 per share or pre-funded warrant.
If its PALISADE Phase 3 program is successful, Vistagen believes the proceeds from this offering, together with its existing cash and cash equivalents, will be sufficient to fund its operations through its potential submission of a New Drug Application for fasedienol for the acute treatment of anxiety in adults with SAD.
About Vistagen
Vistagen is a late clinical-stage biopharmaceutical company aiming to transform the treatment landscape for individuals living with anxiety, depression, and other CNS disorders. Vistagen is advancing therapeutics with the potential to be faster-acting, and with fewer side effects and safety concerns, than those currently available for the treatment of anxiety, depression, and multiple CNS disorders. Vistagen’s pipeline includes six clinical-stage product candidates, including fasedienol, itruvone, PH80, PH15, and PH284, each an investigational agent belonging to a new class of drugs known as pherines, as well as AV-101, which is an oral prodrug of an antagonist of the N-methyl-D-aspartate receptor. Pherines are neuroactive nasal sprays designed with an innovative proposed mechanism of action that activates chemosensory neurons in the nasal cavity and can beneficially impact key neural circuits in the brain without systemic absorption or direct activity on neurons in the brain. Vistagen is passionate about transforming mental health care and redefining what is possible in the treatment of anxiety, depression, and several other CNS disorders.
