GenSight Biologics Secures €2.8 Million Financing

On November 1, 2024, GenSight Biologics announced a €2.8 million financing from existing investors. The biotech company reserved this capital increase for specialized investors via a new shares issuance, each share with an attached warrant at an offering price of €0.3513. This move aims to address a slight delay in the resumption of the French Early Access Program expected in December 2024.

The funds are set to extend the company's cash runway by 12 months, although without the proceeds, the company could only cover obligations until mid-November 2024. As of September end, it reported €3.4 million in cash, with a 12-month net cash requirement estimated at €37 million. The capital increase was completed without shareholders' preferential rights, in compliance with French corporate regulations.