09:22 AM EDT, 09/06/2024 (MT Newswires) -- 60 Degrees Pharmaceuticals ( SXTP ) said Friday it closed a private placement of about 2.9 million shares, series A warrants to buy up to the same number of shares and short-term series B warrants to buy up to the same number of shares at $.38 per share and accompanying warrants, for gross proceeds of about $4 million.

The series A and series B warrants have an exercise price of $1.38 per share, the company said.

Net proceeds will be used for working capital, general operations, commercialization activities linked to Arakoda, as well as a research and development program, the company said.

The company's shares were falling 3.5% in recent premarket activity.

Price: 1.3900, Change: -0.05, Percent Change: -3.47