09:19 AM EST, 12/17/2024 (MT Newswires) -- Satellos Bioscience Inc. ( MSCLF ) , a public biotech company, that saw its shares rise 2% yesterday, is announced Tuesday the pricing and terms of its previously announced overnight marketed public offering of common shares of the company or pre-funded common share purchase warrants of the company in lieu of common shares.

A statement noted the offering is being conducted on a commercially reasonable "best efforts" agency basis for the issuance of up to 63,285,000 securities at a price of $0.90 each, for gross proceeds of up to $56,956,500 (US$40,000,351). Each Pre-Funded Warrant issued in lieu of a Common Share at the election of any purchaser entitles the holder thereof to acquire one Common Share at a nominal exercise price. The Pre-Funded Warrants do not expire.

The offering is expected to close on or about December 20, 2024. The company said it intends to use the net proceeds from the offering to advance its Phase 2 clinical development of SAT-3247, as well as working capital needs and other general corporate purposes, as set out in a Prospectus Supplement.