09:47 AM EST, 12/20/2024 (MT Newswires) -- Satellos Bioscience ( MSCLF ) on Friday said it issued 63.3 million equity securities for proceeds of about $57 million.

"We are thrilled to raise USD$40 million in capital from high-quality healthcare specialized investors to further fund the advancement of our Phase 2 clinical program for SAT-3247," said Satellos Chief Executive Frank Gleeson.

The company said proceeds of the offering will be used to advance the company's Phase 2 clinical development of SAT-3247, working capital needs and other general corporate purposes.

Shares of the company were last seen up $0.02 or 2%, at $0.86 in early trade on the Toronto Stock Exchange.

Price: 0.86, Change: +0.02, Percent Change: +2.38