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Aileron Announces $35.9 Mln Registered Direct Offering; Stock Down

Aileron Therapeutics Inc.(ALRN) said that it has reached definitive agreements with fundamental healthcare investors for the purchase and sale of 32.63 million of its shares of common stock at a purchase price of $1.10 per share in a registered direct offering.

In Wednesday regular trading, ALRN was trading at $1.19, down $0.10 or 8.08 percent.

The closing of the offering is expected to occur on or about January 8, 2021.

The company expects the gross proceeds from the offering to be $35.9 million, before deducting the placement agent's fees and other offering expenses payable by the company.

The company said it plans to use the net proceeds from the public offering, together with its existing cash, cash equivalents and short-term investments, to fund clinical development of ALRN-6924 as a chemoprotective agent and for working capital and other general corporate purposes.

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