Equillium

Equillium reorganized management and the board, promoted Dr. Stephen Connelly to president while he remains active as CSO, and shortened the board; Daniel M. Bradbury remains chairman and Bruce Steel remains CEO. The company ended its collaboration on itolizumab and is concentrating on EQ504, a multimodal, non‑immunosuppressive aryl‑hydrocarbon receptor modulator with potential oral and inhaled formulations for inflammatory diseases. To strengthen the balance sheet, Equillium announced a prospectus supplement for share sales of up to $75 million, a private placement of up to $50 million (including a $30 million upfront payment), and the integration of cryptocurrencies into its treasury strategy. » Más en de.investing.com

Equillium has filed a prospectus supplement with the U.S. SEC for an offering and sale of common stock totaling up to $75 million under an open market sale agreement with LifeSci Capital. Under that agreement, 1,719,485 shares have already been sold, producing gross proceeds of $0.96 million. The company also reported a private placement of up to $50 million, with a $30 million advance for about 52.6 million shares at $0.57 per share and a potential additional $20 million contingent on milestone achievements. Equillium additionally announced plans to integrate cryptocurrencies into its treasury strategy; the stock is currently trading at $1.46 and the company has a market capitalization of $88 million. » Más en de.investing.com

Equillium's stock fell by 12.4% after the company announced plans to integrate cryptocurrencies into its treasury strategy. Investors reacted skeptically to the move away from its core business of developing therapies for autoimmune and inflammatory diseases, especially given the company's limited cash reserves. Equillium emphasized that it remains committed to its therapeutic pipeline and is implementing cost-cutting measures. » Más en de.investing.com