60 Degrees Pharmaceuticals Inc (SXTP) News & EventsSXTPNews & Events60 Degrees Pharmaceuticals Inc

60 Degrees Pharmaceuticals Issues 574,713 Shares, Raises Approximately $1 Million

60 Degrees Pharmaceuticals announced that it has entered into definitive agreements for the issuance and sale of an aggregate of 574,713 shares of its common stock or pre-funded warrants in lieu thereof, series A warrants to purchase up to 574,713 shares of common stock and short-term series B warrants to purchase up to 574,713 shares of common stock at a purchase price of $1.74 per share or per pre-funded warrant in lieu thereof and accompanying warrants in a private placement priced at-the-market under Nasdaq rules. The series A warrants and short-term series B warrants will have an exercise price of $1.49 per share and will be exercisable upon issuance. The Series A warrants will expire five years from the effective date of the Resale Registration Statement and the short-term Series B warrants will expire twenty-four months from the effective date of the Resale Registration Statement. H.C. Wainwright is acting as the exclusive placement agent for the private placement. The gross proceeds to 60 Degrees from the offering are expected to be approximately $1M, before deducting the placement agent's fees and other offering expenses payable by 60 Degrees, and excluding the proceeds, if any, from the exercise of the warrants. The company intends to use the net proceeds from this offering for working capital and general corporate purposes.

60 Degrees Pharmaceuticals Completes Patient Enrollment for Severe Babesiosis Clinical Trial

60 Degrees Pharmaceuticals announced it has enrolled the minimum 24 patients needed to trigger an interim analysis in its clinical study of patients hospitalized with severe babesiosis. The outcome of the interim analysis will be disclosed no later than October 6. Enrollment will continue in the interim. 60 Degrees is the sponsor of a double-blind, randomized, multisite, placebo-controlled clinical trial evaluating the efficacy and safety of tafenoquine in treating severe babesiosis in humans. Patients are enrolled at multiple sites in the U.S., including Tufts Medical Center, Rhode Island Hospital, Yale University, Brigham and Women's Hospital, and Westchester Medical Center. Time to sustained clinical recovery from babesiosis, the primary endpoint, and time to molecular clearance of Babesia parasites, the key secondary endpoint, will be analyzed. If statistical significance is reached for the primary endpoint, the study will be halted early. Following the interim analysis, the company intends to seek a meeting with the FDA to discuss data requirements for potential submission of a supplemental NDA. No FDA-approved treatment or vaccine exists for babesiosis. Tafenoquine is approved for malaria prophylaxis in the United States under the product name Arakoda.

60 Degrees Pharmaceuticals Enters Exclusive Agreement with Florida State University

60 Degrees Pharmaceuticals announced that it has entered into an exclusive option agreement with the Florida State University Research Foundation covering intellectual property related to the therapeutic development of castanospermine for multiple tick-borne diseases. These fields include Powassan virus disease, tick-borne encephalitis, alpha-gal syndrome, and post-treatment Lyme disease. "This agreement reflects our belief that castanospermine may have its greatest long-term value as the basis for innovative prescription medicines addressing important unmet needs in tick-borne diseases," said Geoff Dow, CEO of 60 Degrees Pharma.