Bright Minds Biosciences prices $175 million stock offering

Bright Minds Biosciences Inc. (CSE: DRUG) (NASDAQ: DRUG) announced the pricing of its public offering of 1,945,000 common shares at $90.00 per share, generating anticipated gross proceeds of $175,050,000.

The biotechnology company granted underwriters a 30-day option to purchase up to an additional 291,750 common shares at the public offering price, minus underwriting discounts and commissions. The offering is expected to close on January 9, 2026, subject to customary closing conditions.

Bright Minds stated it will use net proceeds to fund clinical trials for drug candidates targeting absence seizures, developmental and epileptic encephalopathy, and Prader-Willi Syndrome. The company also plans to initiate phase 1 clinical trials for BMB-105 and conduct additional research and development work on earlier-stage programs, along with general corporate and working capital purposes.

Jefferies, TD Cowen, Piper Sandler & Co., and Cantor serve as joint book-running managers for the offering.

In connection with the offering pricing, Bright Minds terminated its at-the-market equity offering program. The company ended the equity distribution agreement dated August 25, 2025, which previously allowed the sale of up to $100 million in common shares through Piper Sandler & Co. and Cantor Fitzgerald & Co.

The offering is being conducted through a shelf registration statement on Form F-3 that the Securities and Exchange Commission declared effective on September 2, 2025. All securities in the offering are being sold by Bright Minds.

The company develops treatments for neurological and psychiatric disorders, focusing on compounds targeting brain receptors for conditions including epilepsy and depression.

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