Why Regulus Therapeutics Shares Are Trading Higher Today

Regulus Therapeutics RGLS shares are trading higher on Thursday after the company announced a $15 million private placement of equity.

The company today announced that it has signed a securities purchase agreement for a private placement to specific institutional and accredited investors.

Under the agreement, the investors will buy 2,615,536 shares of Regulus Therapeutics' common stock at $0.9001 per share. Some investors will purchase 140,827 shares of newly designated, non-voting Class A-5 convertible preferred stock at $90.01 per share. Each share of preferred stock can be converted into 100 shares of common stock, with certain beneficial ownership conversion limitations.

The financing was led by the Federated Hermes Kaufmann Funds and New Enterprise Associates (NEA), with participation from additional existing shareholders.

Regulus Therapeutics is a biopharmaceutical company focused on the discovery and development of innovative medicines targeting microRNAs

RGLS Price Action: Regulus Therapeutics has a 52-week high of 3.35 and a 52-week low of $0.76.

Regulus Therapeutics shares are up 24.4% at $1.12 at the time of writing, according to Benzinga Pro.