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Investing.com -- Alpha Cognition Inc. (NASDAQ:ACOG) stock tumbled 12.4% in after-hours trading Tuesday after the biopharmaceutical company announced plans for a public offering of common shares and pre-funded warrants.
The commercial-stage company, which focuses on developing treatments for neurodegenerative diseases, said it would grant the underwriter a 30-day option to purchase additional common shares equal to 15% of the total shares sold in the offering. Titan Partners Group, a division of American Capital Partners, will act as the sole bookrunner for the proposed offering.
Alpha Cognition intends to use the net proceeds to accelerate its commercial launch, with emphasis on expanding its sales force, increasing marketing investments, and enhancing its payer coverage and reimbursement infrastructure. The company stated these investments aim to maximize near-term adoption while building a foundation for long-term revenue growth in the Alzheimer’s treatment market.
The company noted that the offering is subject to market conditions, with no guarantees regarding completion timing or final terms. All securities in the proposed offering will be offered by Alpha Cognition.
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