Sol-Gel Raises $33.1M via Oversubscribed $72 Share Offering
Sol-Gel priced 459,112 new shares at $72 each, raising about $33.1 million in an oversubscribed underwritten offering expected to close March 25, 2026. Net proceeds will fund Phase 3 development and pre-commercialization of SGT-610 and support general corporate and working capital needs.
1. Offering Details
Sol-Gel Technologies launched an underwritten offering of 459,112 ordinary shares at $72 per share, generating approximately $33.1 million in gross proceeds. The offering was oversubscribed, included participation from Great Point Partners, Trails Edge Capital, Surveyor Capital, Affinity Asset Advisors, Squadron Capital, Stonepine Capital and AuGC BioFund, and is managed by TD Cowen and LifeSci Capital.
2. Use of Proceeds
The company plans to allocate net proceeds primarily to advance Phase 3 clinical development and pre-commercialization activities for SGT-610, its topical hedgehog inhibitor for Gorlin syndrome, with remaining funds earmarked for working capital and general corporate purposes.
3. Company Pipeline
Sol-Gel’s lead candidate, SGT-610, holds orphan and breakthrough designations for preventing basal cell carcinoma lesions in Gorlin syndrome, with potential expansion into high-frequency BCC. The firm is also developing SGT-210, a topical EGFR inhibitor, alongside two FDA-approved dermatology products, TWYNEO® and EPSOLAY®.