Inhibikase Therapeutics Completes Private Placement, Appoints New Directors

Inhibikase Therapeutics, Inc. disclosed in an 8-K filing submitted to the Securities and Exchange Commission on October 21, 2024, the closing of a significant private placement transaction. The previous Form 8-K, filed on October 10, 2024, detailed the Company’s entry into a securities purchase agreement relating to the private placement with various institutional and accredited investors. As part of the deal, Inhibikase Therapeutics agreed to issue 58,310,000 shares of common stock or alternative securities to the investors.

The Private Placement was sealed on October 21, 2024, resulting in gross proceeds of around $110 million for Inhibikase Therapeutics. The Company also entered into registration rights and support agreements with the investors in conjunction with the transaction.

In another development as listed in the filing, the Board of Directors of Inhibikase Therapeutics expanded the number of directors from five to seven, creating two new vacancies. In light of this change, the Board appointed Roberto Bellini, Amit Munshi, David Canner, and Arvind Kush as new directors, effective immediately before the Private Placement closure. These new appointees are expected to bring a wealth of experience to the Board, with Mr. Bellini designated as the independent Chairperson of the Board.

Moreover, the filing disclosed the resignation of two existing Board members, Dr. Paul Grint and Ms. Gisele Dion. The resignations, effective upon the appointment of their successors, were confirmed to be voluntary and not due to any disagreements with the Company.

Simultaneous with the disclosure of the Private Placement closure and the director appointments and resignations, Inhibikase Therapeutics released a press statement on October 21, 2024. The press release, attached as Exhibit 99.1 to the 8-K filing, highlighted the completion of the Private Placement and the operational updates, including the directorial changes.

The full contents of the 8-K report provide in-depth details about the recent significant financial and operational activities at Inhibikase Therapeutics, shaping the course and leadership of the Company as it moves forward with its strategic growth agenda and therapeutic developments in various disease areas.

The full press release is publicly accessible for those interested in examining the broader scope of recent events related to Inhibikase Therapeutics and its evolving corporate landscape.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Inhibikase Therapeutics’s 8K filing here.

About Inhibikase Therapeutics

Inhibikase Therapeutics, Inc, a clinical-stage pharmaceutical company, develops therapeutics for Parkinson’s disease and related disorders. Its lead product candidate is IkT-148009, a non-receptor Abelson tyrosine kinase inhibitor, which is in Phase 2a clinical trials to the treatment of Parkinson’s disease and gastrointestinal tract.