Newron, a biotech company listed on the SIX Swiss Exchange, said it has raised an additional 5.5 million euros through a secondary equity issuance as part of a broader financing package for the development of its schizophrenia drug candidate Evenamide.
An investor group subscribed to 433,070 newly issued shares, providing the company with 5.5 million euros in gross proceeds, Newron announced Tuesday. The new shares will begin trading on the SIX Swiss Exchange from Wednesday.
The latest tranche forms part of a total funding package of up to 38 million euros that Newron agreed with existing and new investors from Europe and Asia back in February. In the first tranche, investors subscribed to up to 779,624 new shares at 19.24 euros each, yielding gross proceeds of up to 15 million euros.
A further 5.5 million euro tranche is expected by the end of November, according to the company. An additional 12 million euros remains contingent on positive results from the registration-relevant Phase III trials ENIGMA-TRS 1 and ENIGMA-TRS 2, which are evaluating Evenamide as an add-on therapy for treatment-resistant schizophrenia.
Newron said the proceeds will support continued development of Evenamide through the critical 12-week data readouts and secure funding beyond that milestone.
