60 Degrees Pharmaceuticals, Inc. Announces Closing of $4 Million Private Placement Priced At-the-Market Under Nasdaq Rules
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 06 2024
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Should l Buy SXTP?
Source: Newsfilter
Private Placement Announcement: 60 Degrees Pharmaceuticals, Inc. has completed a private placement of approximately 2.9 million shares of common stock and warrants, raising about $4 million for working capital and commercialization activities related to its malaria prevention drug, ARAKODA®.
Company Background: Founded in 2010, 60 Degrees Pharmaceuticals focuses on developing medicines for infectious diseases and achieved FDA approval for ARAKODA® in 2018, with ongoing collaborations and support from various research organizations and investors.
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Analyst Views on SXTP
Wall Street analysts forecast SXTP stock price to fall
1 Analyst Rating
0 Buy
1 Hold
0 Sell
Hold
Current: 3.950
Low
3.40
Averages
3.40
High
3.40
Current: 3.950
Low
3.40
Averages
3.40
High
3.40
About SXTP
60 Degrees Pharmaceuticals, Inc. is a specialty pharmaceutical company. The Company specializes in developing and marketing new medicines for the treatment and prevention of infectious diseases. It is focused on using biological science and applied research to develop and commercialize new therapies for the prevention and treatment of infectious diseases. The Company's pipeline under development covers development programs for vector-borne, fungal, and viral disease utilizing three of the Company’s products: new products that contain the ARAKODA regimen of Tafenoquine; new products that contain Tafenoquine, and Celgosivir. Its lead product, ARAKODA is used for malaria prevention in individuals 18 years and older. It is also conducting due diligence activities in relation to potential in-licensing of a product relevant to Lyme disease and an antimalarial combination partner for Tafenoquine for P. vivax malaria.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Product Uniqueness: Arakoda is the only broad-spectrum, once-weekly malaria prevention option approved by the FDA in the U.S., addressing the urgent need for effective preventive measures among international travelers and solidifying the company's market position.
- Enhanced User Experience: Through Runway Health's telehealth platform, travelers can consult with healthcare providers online before departure and receive home delivery of medications, significantly improving user convenience and accessibility to medical services.
See More
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See More
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- Reduction in Shares: The reverse split will reduce the number of outstanding shares from approximately 5.15 million to about 1.29 million, with no change to the stock's par value or authorized share count, ensuring minimal impact on shareholders' percentage ownership.
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