Vigil Receives $40 Million Strategic Investment from Sanofi

June 27, 2024

DENVER, Colo., Jun 27, 2024 (247marketnews.com)- Vigil Neuroscience, Inc. (Nasdaq:VIGL) reported that it received a $40 million strategic investment from Sanofi (Nasdaq:SNY), which will purchase 537,634 of the Company’s Series A non-voting preferred shares, which will be converted into ten shares of common stock per preferred share, at an as-converted price of $7.44 per share of common stock. Virgil expects the investment will extend its cash runway into 2026.

“We are excited by this strategic investment from Sanofi, one of the world’s leading biopharmaceutical companies, for our research and development programs,” stated Virgil’s CEO and President, Ivana Magovčević-Liebisch, Ph.D., J.D. “We view Sanofi’s investment in Vigil as a validation of our promising precision medicine approach led by our two differentiated TREM2 modalities, iluzanebart and VG-3927, and Sanofi has provided valuable capital to help fund our pipeline. We look forward to the opportunity to work with Sanofi as we continue to advance our small molecule TREM2 agonist program.”

Per the agreement, Vigil granted Sanofi exclusive right of first negotiation (ROFN) for an exclusive license, grant or transfer of rights to research, develop, manufacture and commercialize the Company’s small molecule TREM2 agonist program, including its clinical candidate, VG-3927, which is currently being evaluated in a phase 1 clinical study for the potential treatment of Alzheimer’s disease.

“Recent discoveries have highlighted the role of microglial signaling and neuroinflammation in neurodegenerative diseases. TREM2 is a well credentialed microglia target in this context,” commented Sanofi’s Global Head of Neurology Development, Erik Wallstroem. “The investment in Vigil strengthens our commitment to immunoscience and neuroimmunology.”

About 24/7 Market News
As a pioneer in digital financial market media, 24/7 Market News (24/7MN) is dedicated to the swift distribution of financial market news and information. 24/7 MN incorporates comprehensive corporate communications resources and tools to engage the investment community. Visit 24/7 Market News website here.

24/7 MARKET NEWS, INC Disclaimer
Please go to https://247marketnews.com/disclaimer/ for disclaimer information.

CONTACT:
24/7 Market News
Editor@247marketnews.com

Related news for (VIGL, SNY)

NASDAQ and NYSE quotes and data are delayed 15 minutes unless indicated otherwise. Market data and exchange information are provided for informational purposes only and is not intended for trading purposes. Neither 24/7 Market News Editors, 247 Market News, or data and content providers shall be liable for any errors or omissions, delays, misquotes or other market information relayed in any press materials. You should Use Realtime data to conduct due diligence before investing or trading, and trading in any stock is risky you could lose all your money.