Satellos launches public offering, files for NASDAQ listing

Satellos Bioscience Inc. (TSX: MSCL, OTCQB: MSCLF) filed a preliminary prospectus supplement for a public offering of common shares and applied to list on the Nasdaq Global Market under ticker "MSLE," according to a company statement.

The clinical-stage biotechnology company, which develops treatments for degenerative muscle diseases, filed the supplement with securities regulatory authorities in British Columbia, Alberta and Ontario. The documents were also filed with the U.S. Securities and Exchange Commission as part of a Form F-10 registration statement.

The company plans to use proceeds from the offering to fund research and development activities, working capital and general corporate purposes. This may include advancing development of SAT-3247 through Phase 2 to Phase 3 clinical trials or trials in other indications, and investment in discovery stage or pre-clinical development programs.

Satellos expects to grant underwriters a 30-day option to purchase up to an additional 15% of the shares offered. The offering will be priced based on market conditions, with final terms determined at pricing. Trading on Nasdaq is expected to commence following the offering's pricing.

Leerink Partners, Guggenheim Securities and Oppenheimer & Co. serve as joint book-running managers, while Bloom Burton acts as co-manager for the offering.

The registration statement became effective upon filing with the SEC. The base prospectus is accessible on SEDAR+, with the supplement to be available within two business days.

Satellos develops SAT-3247, an oral small molecule drug targeting AAK1 protein to restore muscle stem cell signaling disrupted in Duchenne muscular dystrophy. The treatment is currently in clinical development as a potential disease-modifying therapy for the condition.

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