Elutia, a company specializing in technologies aimed at enhancing surgical outcomes, has announced the sale of its orthobiologics business to Berkeley Biologics, a subsidiary of GNI Group. In this deal, Elutia will receive an upfront cash payment of $15 million, with the potential for additional earnout payments totaling up to $20 million over the course of five years. The news has had a positive impact on the market, with shares rising by an impressive 50% to $1.86 after-hours.
60 Degrees Pharmaceuticals Withdraws IND Application for Tafenoquine
In an unexpected move, 60 Degrees Pharmaceuticals has decided to withdraw its investigational new drug (IND) application for the use of tafenoquine in the treatment of Covid-19. The decision was prompted by comments from the Food and Drug Administration (FDA) regarding the study design. As a result, the company’s shares have dropped by 21% to 91 cents after-hours.
Equinox Gold Announces Sale of $150 Million Convertible Senior Notes
Equinox Gold has recently unveiled plans to sell $150 million of 4.75% convertible senior notes. BMO Capital Markets will be the recipient of these notes, which carry an initial conversion price of approximately $6.30 per share. This price represents a premium of 20% compared to the closing price on Monday. Following this announcement, shares in Equinox Gold have fallen by 16% to $4.39.
