Satellos Bioscience Announces US$40M Overnight Marketed Public Offering

Satellos Bioscience Inc. (TSX: MSCL, OTCQB: MSCLF), a clinical-stage drug development company focused on treating muscle diseases and disorders, has announced the pricing of its US$40M overnight marketed public offering. The offering consists of up to 63,285,000 common shares or pre-funded common share purchase warrants, priced at $0.90 per Security. The offering is expected to close on or about December 20, 2024, subject to customary closing conditions.

The company plans to use the net proceeds from the offering to advance its Phase 2 clinical development of SAT-3247, working capital needs, and other general corporate purposes. SAT-3247 is a first-of-its-kind, orally administered small molecule drug designed to improve the treatment of muscle diseases and disorders.

Satellos' offering comes at a time of strong investor interest in the biotech sector, with the average IPO price for biotech companies in 2024 being $1.50 per share. The company's innovative drug development pipeline and focus on muscle diseases and disorders have likely contributed to the high demand for its offering.



The company's Phase 2 clinical development plans are a critical milestone in the drug development process. By successfully advancing SAT-3247 through clinical trials, Satellos can bring a new treatment option to market and generate revenue. The company's strategic allocation of net proceeds will help it achieve these goals while maintaining a strong financial position.

Satellos Bioscience's US$40M overnight marketed public offering reflects the strong investor interest in the biotech sector and the company's innovative drug development pipeline. By successfully advancing its Phase 2 clinical development plans, Satellos can bring a new treatment option to market and generate revenue, driving growth and value for shareholders.