Laiba Immad
1 min read
Gyre Therapeutics, Inc. (NASDAQ:GYRE), a biopharmaceutical company developing innovative fibrosis-focused therapies, has successfully closed a public offering, raising approximately $23 million in gross proceeds. The offering included 2,555,555 shares of common stock at $9.00 per share, with Jefferies serving as lead book-running manager and H.C. Wainwright & Co. as co-manager.
A research scientist in an idiopathic pulmonary fibrosis laboratory, carrying out clinical trials.
The capital infusion, which follows the full exercise of underwriters’ options, will support Gyre Therapeutics, Inc. (NASDAQ:GYRE)’s ongoing Phase 2 clinical trial of F351, a promising treatment targeting liver fibrosis in patients with metabolic dysfunction-associated steatohepatitis (MASH) in the United States. The funds will also bolster research and development, manufacturing scale-up, and general corporate operations.
The shares were offered under a shelf registration statement previously approved by the SEC. Gyre Therapeutics, Inc. (NASDAQ:GYRE)’s latest fundraising effort underscores its commitment to advancing therapies for chronic diseases marked by fibrosis, aiming to address significant unmet medical needs.
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