24/7 Market News Snapshot 13 February, 2025 – Edesa Biotech, Inc. Common Shares (NASDAQ:EDSA)
DENVER, Colo., 13 February, 2025 (247marketnews.com) – (NASDAQ:EDSA) are discussed in this article.
Edesa Biotech, Inc. (NASDAQ:EDSA) is garnering significant attention in the market, reflected by a notable pre-market surge in its stock price, which recently reached $2.639, representing an impressive 41.88% increase from its previous close of $1.860. The trading volume surged to approximately 1.12 million shares, indicative of strong investor interest and confidence in the company’s future prospects. This increased market activity follows recent positive developments within the biotech sector.
In a parallel development, Edesa has successfully completed a substantial private placement, raising around $15 million in gross proceeds aimed at furthering its innovative therapeutic solutions for immuno-inflammatory diseases. Led by Velan Capital and supported by both new and existing healthcare-focused institutional investors, this funding aligns with the company’s strategic vision.
The private placement, which saw participation from the company’s officers and directors purchasing approximately $1.1 million in securities, underscored their commitment to Edesa’s long-term growth. The offering included the sale of 834 Series B-1 convertible preferred shares and 3,468,746 common shares, priced at $10,000 and $1.92 per share, respectively.
Proceeds from the financing are primarily designated for advancing Edesa’s promising CXCL10 monoclonal antibody, EB06, which is entering a Phase 2 clinical study targeting nonsegmental vitiligo, an autoimmune disorder. Additional funding will address general corporate purposes and working capital requirements.
With David Liu, Senior Analyst at Velan Capital, newly appointed to its Board of Directors, Edesa is poised to leverage this strategic collaboration. The company is committed to delivering innovative host-directed therapeutics targeting various medical conditions, marking a pivotal moment in its journey to meet significant healthcare needs and improve patient outcomes globally.