PTIX•Protagenic Therapeutics announced a private placement expected to provide $1.5 million upfront, with warrant exercises potentially adding $3.5 million. The company plans to use the proceeds for PT00114 development and general corporate purposes.
The private placement provides $1.5 million in upfront gross proceeds from new and existing investors. Full exercise of two series of milestone-linked warrants could raise another $3.5 million, bringing potential gross proceeds to $5 million before fees.
Protagenic Therapeutics plans to use the proceeds for PT00114's IND-enabling activities, a planned Phase 1/2a generalized anxiety disorder trial, and general corporate purposes. First patient dosing is targeted for the second quarter of 2027, subject to FDA review of the IND.
