Grace Therapeutics Secures $10 Million for GTx-104 Development

Grace Therapeutics, Inc. entered into a securities purchase agreement for a private placement financing expected to generate approximately $10 million in aggregate gross proceeds. The company will issue 4,761,904 shares of common stock at $2.10 per share, with the transaction expected to close on August 6, 2026.

The company intends to use the net proceeds to support manufacturing and regulatory work for GTx-104, an injectable nimodipine formulation designed for patients with aneurysmal Subarachnoid Hemorrhage. These funds, combined with existing cash, are expected to extend the company's cash runway through the end of 2028.

To address previous compliance issues at its current manufacturer and facilitate the resubmission of its New Drug Application to the Food and Drug Administration, Grace Therapeutics has initiated a dual-source manufacturing strategy. This includes a technology transfer to a U.S.-based contract manufacturer.