VIGL Vigil Neuroscience Announces $40 Million Strategic Investment from Sanofi
GLOBENEWSWIRE
2:00 AM ET Jun-27-2024
- Sanofi to invest $40 million at an as-converted price of $7.44 per share of common stock-
- Sanofi to receive an exclusive right of first negotiation for license of Company’s small molecule TREM2 agonist program, including VG-3927, currently in phase 1 clinical studies -
- Company expects proceeds to extend cash runway into 2026 -
WATERTOWN, Mass., June 27, 2024 (GLOBE NEWSWIRE) -- Vigil Neuroscience, Inc. (VIGL.NaE) , a clinical-stage biotechnology company committed to harnessing the power of microglia for the treatment of neurodegenerative diseases, is pleased to announce that Sanofi has made a $40 million strategic investment in the Company at an as-converted price of $7.44 per share of common stock. Sanofi will purchase 537,634 of the Company’s Series A non-voting preferred shares, each share of which shall be convertible into ten shares of common stock. The Company will use the proceeds to fund its research and development activities.
“We are excited by this strategic investment from Sanofi, one of the world’s leading biopharmaceutical companies, for our research and development programs,” said Ivana Magovcevic-Liebisch, Ph.D., J.D., President and Chief Executive Officer of Vigil. “We view Sanofi’s investment in Vigil as a validation of our promising precision medicine approach led by our two differentiated TREM2 modalities, iluzanebart and VG-3927, and Sanofi has provided valuable capital to help fund our pipeline. We look forward to the opportunity to work with Sanofi as we continue to advance our small molecule TREM2 agonist program.”
“Recent discoveries have highlighted the role of microglial signaling and neuroinflammation in neurodegenerative diseases. TREM2 is a well credentialed microglia target in this context,” said Erik Wallstroem, Sanofi's Global Head of Neurology Development. “The investment in Vigil strengthens our commitment to immunoscience and neuroimmunology.”
In connection with the equity investment, Vigil has granted Sanofi the exclusive right of first negotiation (ROFN) for an exclusive license, grant or transfer of rights to research, develop, manufacture and commercialize the Company’s small molecule TREM2 agonist program, including its clinical candidate, VG-3927. VG-3927 is currently being evaluated in a phase 1 clinical study for the potential treatment of Alzheimer’s disease.
Based on current projections, the Company expects that the proceeds from Sanofi’s investment will extend its cash runway into 2026.
About Vigil Neuroscience (VIGL.NaE)
Vigil Neuroscience (VIGL.NaE) is a clinical-stage biotechnology company focused on developing treatments for both rare and common neurodegenerative diseases by restoring the vigilance of microglia, the sentinel immune cells of the brain. Vigil is utilizing the tools of modern neuroscience drug development across multiple therapeutic modalities in its efforts to develop precision-based therapies to improve the lives of patients and their families. Iluzanebart, Vigil’s lead clinical candidate, is a fully human monoclonal antibody agonist targeting human triggering receptor expressed on myeloid cells 2 (TREM2) in people with adult-onset leukoencephalopathy with axonal spheroids and pigmented glia (ALSP), a rare and fatal neurodegenerative disease. Vigil is also developing VG-3927, a novel small molecule TREM2 agonist, to treat common neurodegenerative diseases associated with microglial dysfunction, with an initial focus on Alzheimer’s disease (AD) in genetically defined subpopulations.
Forward-Looking Statements
This press release includes certain disclosures that contain “forward-looking statements” of Vigil Neuroscience (VIGL.NaE) (“Vigil” or the “Company”) that are made pursuant to the safe harbor provisions of the federal securities laws.......
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