Skye Secures $17M And Acquires Novel Phase 2-Ready Cannabinoid 1 Receptor Inhibitor
Portfolio Pulse from Vuk Zdinjak
Skye Bioscience has raised $17 million in new capital and acquired Bird Rock Bio Inc. The funding was led by 5AM Ventures, Versant Ventures and another investor. Skye issued 581.4 million shares of its common stock at a price of approximately $0.021 per share and 557.2 million common shares to the existing preferred shareholders of Bird Rock. Skye also issued a short-term convertible note with a principal amount of $5 million. The company also plans a 1:250 reverse stock split and aims to uplist to a national stock exchange.
August 21, 2023 | 12:29 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Skye Bioscience has raised $17 million and acquired Bird Rock Bio. The company also plans a 1:250 reverse stock split and aims to uplist to a national stock exchange.
The acquisition of Bird Rock Bio and the new capital raise will likely strengthen Skye Bioscience's financial position and expand its product portfolio. The planned reverse stock split and the aim to uplist to a national stock exchange could potentially increase the company's visibility and attract more investors, which could have a positive impact on its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100