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Sharp Therapeutics Corp. ( (TSE:SHRX) ) has shared an update.
Sharp Therapeutics Corp. has announced a non-brokered private placement to raise at least US$10 million, with the proceeds intended for general working capital. STX Partners, LLC, Sharp’s largest shareholder, has committed to purchasing a significant portion of the shares, contingent on additional investments from other parties. This financing will support Sharp’s Phase I trials for its Gaucher disease treatment candidate, ‘901, which is an oral, CNS penetrant treatment for Gaucher and other lysosomal storage disorders. The participation of insiders in the offering is classified as a related-party transaction but is exempt from certain regulatory requirements due to the company’s market capitalization.
More about Sharp Therapeutics Corp.
Sharp Therapeutics is a preclinical-stage company focused on developing small-molecule therapeutics for genetic diseases. The company utilizes a discovery platform that integrates high throughput screening technologies with computationally optimized compound libraries to address cellular trafficking defects and allosteric activation of proteins, aiming to treat genetic disorders with pill-based medicines.
Average Trading Volume: 5,587
Technical Sentiment Signal: Strong Buy
Learn more about SHRX stock on TipRanks’ Stock Analysis page.