SAB BIO (SABS) has secured $175 million in gross proceeds through an oversubscribed private placement with accredited and institutional investors. The company will issue up to 1,000,000 shares of Series B nonvoting convertible preferred stock, convertible into 100,000,000 shares of common stock at $1.75 per share.
The funds will fully support the Phase 2b SAFEGUARD study of SAB-142 for Stage 3 autoimmune T1D, along with working capital and general corporate purposes. Strategic investor Sanofi (SNY) joins new and existing investors including RA Capital Management, Commodore Capital, Vivo Capital, Blackstone Multi-Asset Investing, Spruce Street Capital, Forge Life Science Partners, Woodline Partners LP, Sessa Capital, the T1D Fund, and ATW Partners.
