Shares of clinical-stage biotechnology company Vigil Neuroscience, Inc. (VIGL) were rising more than 30 percent in pre-market on Thursday to $4.97, after the company said it received $40 million in equity investment from Sanofi.
Sanofi will purchase 537,634 of the company's Series A non-voting preferred shares, each share of which shall be convertible into ten shares of common stock, for $7.44 per common share.
Vigil plans to use the proceeds to fund its research and development activities.
Sanofi, in return will get the exclusive right of first negotiation (ROFN) for an exclusive license, grant or transfer of rights to research, develop, manufacture and commercialize the Vigil's small molecule TREM2 agonist program, including VG-3927, its drug candidate. VG-3927 is currently being evaluated in a phase 1 study in Alzheimer's disease.
"We view Sanofi's investment in Vigil as a validation of our promising precision medicine approach led by our two differentiated TREM2 modalities, iluzanebart and VG-3927, and Sanofi has provided valuable capital to help fund our pipeline," said Ivana Magovcevic-Liebisch, President and Chief Executive Officer of Vigil.
Vigil shares had closed at $3.78, up 1.61 percent on Wednesday. The stock has traded in the range of $2.47 - 10.22 in the last 1 year.
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