Sharp Therapeutics plans C$1.37M private placement, drops US$10M deal

Sharp Therapeutics Corp. (TSXV: SHRX) (OTCQB: SHRXF) announced a non-brokered private placement to raise gross proceeds of up to C$1,365,000, with common shares priced at no less than C$0.91 per share. The company expects the offering to close in the third quarter of 2026, with net proceeds earmarked for general working capital.

Newlin Investment Company 1, LLC, an entity wholly owned by William R. Newlin, the company's director and chairman, intends to subscribe for approximately US$200,000 under the same terms as other participants. The insider participation constitutes a related-party transaction under Multilateral Instrument 61-101, though the company says it qualifies for exemptions from formal valuation and minority shareholder approval requirements.

All issued securities will be subject to a four-month hold period from issuance and require TSX Venture Exchange approval.

In a separate operational update, the company said it has elected to advance an alternative lead candidate in its primary drug program. Sharp stated the decision is expected to delay its need for certain capital by approximately six to 12 months and reduce near-term capital requirements relative to previously contemplated financing plans.

As a result of the program change, Sharp and STX Partners have mutually agreed to terminate a previously announced letter agreement for a proposed financing of up to approximately US$10,000,000, along with a related conditional share purchase commitment from STX Partners.

Sharp Therapeutics is a preclinical-stage company based in Pittsburgh, Pennsylvania and Toronto, Ontario, focused on small-molecule therapeutics for genetic diseases.

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