12:30 PM EST, 12/23/2024 (MT Newswires) -- Cingulate's ( CING ) shares rose nearly 19% in recent Monday trading after the company said it raised $5 million through a financing deal with an accredited investor.

The transaction involved a non-convertible, unsecured promissory note for nearly $5.5 million, with a 9% annual interest rate and an 18-month maturity, the company said.

Net proceeds will be used for working capital and general corporate purposes, the company said, adding that this capital will support clinical, manufacturing, regulatory activities, and operating costs into Q4 2025. The company aims to file the new drug application for potential approval of CTx-1301 by mid-2025.

Price: 4.94, Change: +0.84, Percent Change: +20.37