Obesity hopeful Skye Biosciences announces PIPE financing
California, USA-based Skye Bioscience’s (OTC: SKYE) shares edged up 2.4% to $2.38 in early trading, as it announced a $50.25 million private placement equity financing co-led by a leading life science investor and 5AM Ventures.
Skye said the proceeds are expected to fund the planned Phase II obesity trial assessing nimacimab, its differentiated peripheral CB1 inhibitor, in combination with a GLP-1R agonist. Skye acquired rights to nimacimab along with its takeover of Bird Rock Bio in August last year for around $20 million.
The company expects the PIPE financing net proceeds to fund its operations into early 2026 through a set of key milestones and operations encompassing:
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