C4 Therapeutics Announces Closing of $25 Million Equity Investment by Betta Pharmaceuticals
January 04 2024 - 4:01PM
C4 Therapeutics, Inc. (C4T) (Nasdaq: CCCC), a clinical-stage
biopharmaceutical company dedicated to advancing targeted protein
degradation science to develop a new generation of small-molecule
medicines and transform how disease is treated, today announced the
closing of the previously announced $25 million stock purchase
agreement with a wholly-owned subsidiary of Betta Pharmaceuticals
Co. Ltd (Betta) (300558.SZ), a leading pharmaceutical company
focusing on the development of innovative oncology therapies in
China. This investment was completed at $4.49 per share. The
purchase price represents a 25% premium over the 60-trading-day
volume weighted average through the date that was two business days
prior to the entry into the stock purchase agreement on May 29,
2023.
About C4 TherapeuticsC4 Therapeutics (C4T)
(Nasdaq: CCCC) is a clinical-stage biopharmaceutical company
dedicated to delivering on the promise of targeted protein
degradation science to create a new generation of medicines that
transforms patients’ lives. C4T is leveraging its
TORPEDO® platform to efficiently design and optimize
small-molecule medicines that harness the body’s natural protein
recycling system to rapidly degrade disease-causing proteins,
offering the potential to overcome drug resistance, drug
undruggable targets and improve patient outcomes. C4T is advancing
multiple targeted oncology programs to the clinic and expanding its
research platform to deliver the next wave of medicines for
difficult-to-treat diseases. For more information, please
visit www.c4therapeutics.com.
Forward-Looking StatementsThis press release
contains “forward-looking statements” of C4 Therapeutics, Inc.
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements may include, but may not
be limited to, express or implied statements regarding our ability
to develop potential therapies for patients; the design and
potential efficacy of our therapeutic approaches; the predictive
capability of our TORPEDO® platform in the development of
novel, selective, orally bioavailable BiDAC™ and MonoDAC™
degraders; the potential timing, design and advancement of our
preclinical studies and clinical trials, including the potential
timing for and receipt of regulatory authorization related to
clinical trials and other clinical development activities including
clinical trial commencement; our ability and the potential to
successfully manufacture and supply our product candidates for
clinical trials; our ability to replicate results achieved in our
preclinical studies or clinical trials in any future studies or
trials; regulatory developments in the United States and foreign
countries; and our ability to fund our future operations. Any
forward-looking statements in this press release are based on
management’s current expectations and beliefs of future events and
are subject to a number of risks and uncertainties that could cause
actual results to differ materially and adversely from those set
forth in or implied by such forward-looking statements. These risks
and uncertainties include, but are not limited to: uncertainties
related to the initiation, timing, advancement and conduct of
preclinical and clinical studies and other development requirements
for our product candidates; the risk that any one or more of our
product candidates will cost more to develop or may not be
successfully developed and commercialized; and the risk that the
results of preclinical studies and/or clinical trials will or will
not be predictive of results in connection with future studies or
trials. For a discussion of these and other risks and
uncertainties, and other important factors, any of which could
cause our actual results to differ from those contained in the
forward-looking statements, see the section entitled “Risk Factors”
in C4 Therapeutics’ most recent Annual Report on Form 10-K and/or
Quarterly Report on Form 10-Q, as filed with the Securities and
Exchange Commission. All information in this press release is as of
the date of the release and C4 Therapeutics undertakes no duty to
update this information unless required by law.
Contacts:Investors: Courtney SolbergSenior
Manager, Investor RelationsCSolberg@c4therapeutics.com
Media: Loraine Spreen Senior Director, Corporate
Communications & Patient
Advocacy LSpreen@c4therapeutics.com
C4 Therapeutics (NASDAQ:CCCC)
Historical Stock Chart
From Sep 2024 to Oct 2024
C4 Therapeutics (NASDAQ:CCCC)
Historical Stock Chart
From Oct 2023 to Oct 2024