Decoy Therapeutics raised $3.5 million by selling 592,217 shares at $5.97 through a private placement and issued milestone-based warrants for up to $17.5 million more. The funding, aimed at Phase 1-2a trials for its nasal D-MAV therapy and tripledemic vaccine, propelled shares up 84% in a single session.
In a private placement, Decoy sold 592,217 shares at $5.97 each, raising $3.5 million and issued Series A, B and C common warrants exercisable upon achievement of specified trial milestones. Full warrant exercises could provide an additional $17.5 million in funding.
Funds will support Phase 1 trials in Europe for its nasal-based D-MAV therapy, with $3.5 million available upon application, $7 million once a U.K. regulator greenlights its Phase 2a human challenge trial, and another $7 million upon successful early-stage results. The company’s tripledemic vaccine aims to protect against flu, coronaviruses and RSV.
Shares surged 84% in one trading session following the funding announcement, reversing a year-to-date decline of 29% and a 91% drop over 12 months. Retail sentiment shifted to extremely bullish as investors anticipate accelerated clinical progress.
