Transition raises $17M in new capital

|About: Transition Therapeutic... (TTHI)|By:, SA News Editor

In a private placement, Transition Therapeutics (TTHI +1.4%) raises $17M via the sale of 3,195,487 units at $5.32. Each unit consists of one share of common stock and 0.61 of a warrant to purchase one share of common at $7.10 for a term of two years. If all warrants are exercised, the total capital raised will be $30.8M.

Proceeds will fund the completion of the Phase 2 clinical trial of ELND005 for Alzheimer's disease-associated agitation and aggression and the Phase 2 trial of TT-401 as a treatment for Type 2 diabetes.