Protagenic Therapeutics Announces Placement With Up to $5 Million in Potential Proceeds

Protagenic Therapeutics, Inc. announced a private placement with up to $5 million in potential gross proceeds, including $1.5 million upfront, to advance PT00114 development and support corporate needs.

The company announced the placement Nov. 11. It could provide up to $3.5 million in additional gross proceeds if milestone-linked warrants are exercised in full.

Proceeds are intended to support IND-enabling work and a planned Phase 1/2a clinical trial for PT00114 in generalized anxiety disorder. The funds are also intended for working capital and general corporate purposes.