Grace Therapeutics raises $10M via private placement at $2.10 per share

Grace Therapeutics, Inc. (Nasdaq: GRCE) has entered into a securities purchase agreement for a private placement financing with new and existing investors, according to a company statement.

The Princeton, N.J.-based biopharma company expects to raise approximately $10 million in gross proceeds before placement agent fees and other expenses. Under the terms of the agreement, Grace Therapeutics will issue 4,761,904 shares of common stock at $2.10 per share. The offering is priced at-the-market under Nasdaq rules and is expected to close on Aug. 6, 2026, subject to customary closing conditions.

The company said it intends to use net proceeds to support manufacturing and regulatory work for its lead drug candidate, GTx-104, an injectable formulation of nimodipine being developed for intravenous infusion in patients with aneurysmal subarachnoid hemorrhage. Combined with existing cash, the company expects the proceeds to extend its cash runway through the end of 2028.

Grace Therapeutics also disclosed a dual-source manufacturing strategy for GTx-104, initiating a technology transfer to a second U.S.-based contract manufacturer. The company said the timing of its New Drug Application resubmission will depend on whichever manufacturing pathway reaches readiness first — either the new U.S.-based facility, which requires a full chemistry, manufacturing, and controls package with 12 months of stability data, or its current contract manufacturer, contingent on that facility resolving outstanding FDA compliance issues.

The company is also working to address remaining chemistry, manufacturing, controls, and non-clinical items identified in the FDA's Complete Response Letter to its NDA, though it indicated manufacturing readiness is expected to be the primary driver of resubmission timing.

Craig-Hallum is acting as the sole placement agent for the offering. The securities have not been registered under the Securities Act of 1933 and may not be resold without registration or an applicable exemption. Grace Therapeutics said it has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the shares.

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