60 Degrees Pharma Prices At-the-Market Private Placement Amid Cash Crunch
SXTP sits 24% above its 52-week low of $1.22 on elevated volume (2.1× avg).
Summary
60 Degrees Pharmaceuticals announced a private placement priced at-the-market under Nasdaq rules. The company has been burning cash rapidly, with a critical 4-month runway disclosed in May and only $3.34M in cash as of March 31. This placement follows a series of dilutive capital raises, including a constrained ATM program and a proposed reverse split and 800,000-share increase. The at-market pricing suggests demand but the lack of disclosed size leaves dilution magnitude uncertain. The company is advancing a tafenoquine trial with a positive DSMB recommendation and a Priority Review Voucher pursuit, but near-term survival depends on securing funding.
At the time of this announcement, SXTP was trading at $1.51 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $4M. The 52-week trading range was $1.22 to $8.62. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.