08:13 AM EDT, 08/12/2024 (MT Newswires) -- MeiraGTx Holdings ( MGTX ) said Monday that it plans to sell 12.5 million shares at $4 per share for $50 million.

The company said the financing round was led by Sanofi (SNY), which invested $30 million, with additional participation from Perceptive Advisors and several institutional healthcare funds.

The offering is slated to be completed on Tuesday.

As of June 30, the company's cash and cash equivalents totaled $100 million, excluding an expected $1.6 million milestone receivables from Johnson & Johnson Innovative Medicine.

The company anticipates that the capital, along with with proceeds from the new offering and tax incentives, will be sufficient to cover operating and capital expenses through Q2 2026.

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