Full Press Release Details
60 Degrees Pharma Announces $1.043 Million
Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
WASHINGTON, Jan. 29, 2025 (GLOBE NEWSWIRE) --
60 Degrees Pharmaceuticals, Inc. (NASDAQ: SXTP; SXTPW) (the "Company"), a pharmaceutical company focused on developing new
medicines for infectious diseases, today announced that it has entered into definitive agreements for the purchase and sale of an aggregate
of 1,021,549 shares of its common stock at a purchase price of $1.021 per share in a registered direct offering priced at-the-market under
Nasdaq rules. In addition, in a concurrent private placement, the Company will issue unregistered short-term warrants to purchase up to
an aggregate of 2,043,098 shares of common stock. The short-term warrants will have an exercise price of $0.771 per share, will be exercisable
upon issuance and expire twenty-four months following the date of issuance. The closing of the offering is expected to occur on or about
January 30, 2025, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive
placement agent for the offering.
The aggregate gross proceeds to the Company from
the offering are expected to be $1.043 million, before deducting the placement agent fees and other offering expenses payable by the Company.
The Company currently intends to use the net proceeds from the offering for working capital and other general corporate purposes.
The shares of common stock (but not the short-term
warrants issued in the private placement or the shares of common stock underlying such short-term warrants) are being offered by the Company
pursuant to a "shelf" registration statement on Form S-3 (File No. 333-280796) filed with the Securities and Exchange Commission
("SEC") on July 12, 2024 and became effective on July 18, 2024. The registered direct offering of the shares of common stock
is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.
The prospectus supplement and the accompanying prospectus relating to the shares of common stock being offered in the registered direct
offering will be filed with the SEC and be available at the SEC's website at www.sec.gov. Electronic copies of the prospectus supplement
and the accompanying prospectus relating to the registered direct offering may also be obtained, when available, by contacting H.C. Wainwright
& Co. at 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (212) 856-5711 or e-mail at placements@hcwco.com.
The short-term warrants described above are being
issued in a concurrent private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"),
and Regulation D promulgated thereunder and, along with the shares of common stock underlying the short-term warrants, have not been registered
under the Securities Act, or applicable state securities laws. Accordingly, the short-term warrants and underlying shares of common stock
may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from
the registration requirements of the Securities Act and such applicable state securities laws.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under
the securities laws of any such state or jurisdiction.
About 60 Degrees Pharmaceuticals, Inc.
60 Degrees Pharmaceuticals, Inc., founded in 2010,
specializes in developing and marketing new medicines for the treatment and prevention of infectious diseases that affect the lives of
millions of people. 60 Degrees Pharmaceuticals, Inc. achieved approval by the U.S. Food and Drug Administration ("FDA") of
its lead product, ARAKODA (tafenoquine), for malaria prevention, in 2018. 60 Degrees Pharmaceuticals, Inc. also collaborates
with prominent research organizations in the U.S., Australia, and Singapore. The 60 Degrees Pharmaceuticals, Inc. mission has been supported
through in-kind funding from the U.S. Department of Defense and private institutional investors including Knight Therapeutics Inc., a
Canadian-based pan-American specialty pharmaceutical company. 60 Degrees Pharmaceuticals, Inc. is headquartered in Washington D.C., with
a majority-owned subsidiary in Australia. Learn more at www.60degreespharma.com. The statements contained herein may include prospects,
statements of future expectations and other forward-looking statements that are based on management's current views and assumptions
and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed
or implied in such forward-looking statements.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain "forward-looking
statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking
statements reflect the current view about future events. When used in this press release, the words "anticipate," "believe,"
"estimate," "expect," "future," "intend," "plan," or the negative of these
terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Forward-looking statements
are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and
assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy,
activities of regulators and future regulations and other future conditions. Because forward-looking statements relate to the future,
they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside
of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements.
Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial
condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability
to consummation of the offering; the satisfaction of the closing conditions of the offering and the use of proceeds therefrom; there is
substantial doubt as to our ability to continue on a going-concern basis; we might not be eligible for Australian government research
and development tax rebates; if we are not able to successfully develop, obtain FDA approval for, and provide for the commercialization
of non-malaria prevention indications for tafenoquine (ARAKODA or other regimen) or Celgosivir in a timely manner,
we may not be able to expand our business operations; we may not be able to successfully conduct planned clinical trials or patient recruitment
in our trials might be slow or negligible; and we have no manufacturing capacity which puts us at risk of lengthy and costly delays of
bringing our products to market. More detailed information about the Company and the risk factors that may affect the realization
of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission ("SEC"),
including the information contained in our Annual Report on Form 10-K filed with the SEC on April 1, 2024, and our subsequent SEC filings,
as well as marked and other conditions. Investors and security holders are urged to read these documents free of charge on the SEC's
website at www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the
Company's actual results may differ materially from the expected results discussed in the forward-looking statements contained in
this press release. Any forward-looking statement made by us in this press release is based only on information currently available to
us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether
written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except