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60 Degrees Pharmaceuticals Secures $5 Million in Public Offering
ByAinvest
Wednesday, Jul 16, 2025 4:03 pm ET1min read
60 Degrees Pharmaceuticals announced the closing of a $10 million public offering, selling 2.63 million shares of common stock and accompanying warrants. The offering was led by H.C. Wainwright & Co. The company plans to use the net proceeds for working capital and general corporate purposes.
60 Degrees Pharmaceuticals (NASDAQ: SXTP) has successfully closed its public offering, raising $10 million. The company sold 2,631,578 shares of common stock and accompanying warrants, led by H.C. Wainwright & Co. as the exclusive placement agent. The proceeds will be used for working capital and general corporate purposes, bolstering the company's financial position for its infectious disease drug development efforts.The offering includes 2,631,578 shares of common stock priced at $1.90 per share, along with Series A-1 and A-2 warrants. The Series A-1 warrants have a 5-year term, while the Series A-2 warrants have an 18-month term, both with an exercise price of $1.90 per share. If fully exercised, the Series A-2 warrants could provide an additional $5 million in gross proceeds.
The capital raise is strategically timed to strengthen 60 Degrees' financial position. The company has been developing new medicines for infectious diseases, with its lead product, ARAKODA® (tafenoquine), approved by the FDA for malaria prevention in 2018. The successful registration and closing of this offering demonstrate the company's ability to access public markets despite challenging conditions for small-cap pharmaceutical firms.
The warrant structure provides immediate working capital while creating potential for additional funding within 18 months without immediately diluting existing shareholders beyond the initial offering. The company's mission has been supported through in-kind funding from the U.S. Department of Defense and private institutional investors.
References:
[1] https://www.stocktitan.net/news/SXTP/60-degrees-pharmaceuticals-announces-closing-of-up-to-10-million-udv2wqg7l1f9.html
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