Satellos Bioscience Completes US$57.2M Public Offering

Satellos Bioscience Inc., a clinical-stage biotechnology company, announced the completion of its underwritten public offering, raising approximately US$57.2 million. The offering included the sale of common shares and pre-funded warrants, with the underwriters exercising their option to purchase additional shares. The common shares were sold at US$10.10 per share. The net proceeds are primarily earmarked for funding ongoing research and development activities, including advancing the development of SAT-3247 through clinical trials for Duchenne muscular dystrophy (DMD), and for general corporate purposes. Leerink Partners, Guggenheim Partners, and Oppenheimer Holdings acted as joint book-running managers, with Bloom Burton Securities Inc. as co-manager. Board members Franklin Berger and Mark Nawacki also participated in the offering, which was considered a related party transaction. The offering was conducted in Canada and the United States under a multijurisdictional disclosure system.