02:08 PM EDT, 10/14/2025 (MT Newswires) -- Sharp Therapeutics ( SHRXF ) , a preclinical-stage company developing first-choice small-molecule therapeutics for genetic diseases, on Tuesday arranged a non-brokered private placement to raise proceeds not less than US$10 million.

Shares of the company were last seen down 66% at C$1.00 on the TSX Venture Exchange.

The company said the placement will consist of common shares priced not less than US$2.50 apiece. Closing of the offering is expected in the fourth quarter of 2025. Proceeds will be used for general working capital needs.

Sharp's largest shareholder and an insider of the company, STX Partners, executed a letter agreement committing to the purchase of not less than 1.2-million common shares at US$2.50 representing about US$3 million in proceeds, subject to certain conditions.

STX Managing Partner, John Hathaway, said: "We are excited to continue to add to our investment position in Sharp and are very pleased with the scientific progress, including its Gaucher development candidate. STX is pleased to lead in an important financing to enable the company to complete its planned Phase I trials."

Price: 1.00, Change: -2.00, Percent Change: -66.67