03:40 AM EDT, 06/27/2024 (MT Newswires) -- Vigil Neuroscience ( VIGL ) said Thursday that Sanofi ( SNY ) has made a $40 million strategic investment in the company at an as-converted price of $7.44 per share of common stock.

Sanofi ( SNY ) will purchase more than 537,000 of the company's series A non-voting preferred shares, each convertible into 10 common shares.

The company said it would use the proceeds to fund its research and development activities and expects the investment to extend its cash runway into 2026.

Vigil has also granted Sanofi ( SNY ) the exclusive right of first negotiation for an exclusive license to research, develop, manufacture and commercialize its small molecule TREM2 agonist program, including VG-3927, which is being evaluated in a phase 1 study for the potential treatment of Alzheimer's disease.