11:21 AM EDT, 10/09/2024 (MT Newswires) -- Inhibikase Therapeutics ( IKT ) shares soared nearly 34% in recent Wednesday trading after the company said it priced a roughly $110 million private placement financing led by new investor Soleus Capital.

The company said it plans to use the net proceeds to fund the start of the phase 2b trial of IkT-001Pro, an optimized prodrug of Imatinib, in pulmonary arterial hypertension, and for general corporate purposes.

Inhibikase said it is selling about 58.3 million common shares and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to about 22 million common shares, along with accompanying series A-1 warrants to purchase about 40.1 million common shares and series B-1 warrants to purchase about 73.8 million common shares.

Provided that the purchase price for each pre-funded warrant and accompanying warrants is $1.369, the purchase price for each common share and accompanying warrants is $1.37, the company said.

The private investment in public equity is expected to close Oct. 21, the company said.

Price: 1.59, Change: +0.40, Percent Change: +33.95