Cognition Therapeutics, a clinical-stage company developing treatments for neurodegenerative disorders, has closed a registered direct offering of 14.7 million shares of its common stock at $2.05 per share, generating approximately $30 million in gross proceeds before fees and offering expenses, according to the company.
The offering was completed under a shelf registration statement on Form S-3 that was declared effective on January 3, 2023, and managed by Titan Partners Group, a division of American Capital Partners, acting as the sole placement agent.
The company said that it intends to use the net proceeds to prepare for Phase 3 development of its lead drug candidate, zervimesine (CT1812), which targets a range of age-related neurodegenerative diseases.
Cognition claims that this institutional support, including participation from what it describes as a “preeminent global investment firm,” validates the positive clinical data generated to date across three major age-related degenerative conditions.
