Better Therapeutics sells 7.878M shares at 82.5c in private placement

Better Therapeutics announced a private placement of 7,878,786 shares of the company’s common stock at a price of 82.5c per share, which was the closing price of the company’s common stock on the Nasdaq Capital Market on April 5, for gross proceeds of approximately $6.5M, before deducting offering expenses payable by Better Therapeutics. There was strong participation in the financing from certain officers and directors of the company. Better Therapeutics intends to use the net proceeds from the private placement to support the execution of key milestones. Combined with recent expense reductions, this financing is expected to extend the company’s runway through the date of potential FDA marketing authorization of BT-001 and the completion of other strategic initiatives. This financing is one element of the three-tiered strategy discussed on the company’s most recent earnings call. The private placement is expected to close on or about April 10 subject to the satisfaction of customary closing conditions.