The Nasdaq-listed drugmaker expects to close the financing on July 31, 2026 and plans to use net proceeds for working capital and general corporate purposes.
60 Degrees Pharmaceuticals, Inc. said it entered definitive agreements for a private placement of 574,713 shares of common stock, or pre-funded warrants (warrants paid upfront, with minimal exercise cost) in lieu thereof, alongside Series A warrants and short-term Series B warrants each to purchase up to 574,713 shares. The securities are priced at $1.74 per share, or per pre-funded warrant, with accompanying warrants, while both warrant series carry an exercise price of $1.49 per share and are exercisable upon issuance. The company said the financing is expected to generate about $1.0 million in gross proceeds before fees and expenses, excluding any proceeds from future warrant exercises. It expects the transaction to close on or about July 31, 2026, subject to customary closing conditions, and said net proceeds are intended for working capital and general corporate purposes. H.C. Wainwright & Co. is acting as the exclusive placement agent. The Series A warrants will expire five years from the effective date of the resale registration statement, while the short-term Series B warrants will expire 24 months from that effective date. The offering is being made in a private placement under Section 4(a)(2) of the Securities Act of 1933 and/or Regulation D (private offering exemption), and the securities, including the shares underlying the warrants, have not been registered under the Securities Act or applicable state securities laws. Under a registration rights agreement, 60 Degrees agreed to file a resale registration statement covering the securities. 60 Degrees, founded in 2010 and headquartered in Washington, D.C., develops medicines for vector-borne disease. Its lead product, ARAKODA (tafenoquine), received U.S. Food and Drug Administration approval in 2018 for malaria prevention and is commercially available in the U.S. and Australia. The company said forward-looking statements about the financing, closing conditions and use of proceeds remain subject to risks, including substantial doubt about its ability to continue as a going concern, development and regulatory risks, clinical trial and patient recruitment challenges, manufacturing constraints and broader market conditions.