First Tracks Biotherapeutics raises $200M in private placement

First Tracks Biotherapeutics, Inc. (Nasdaq: TRAX), a clinical-stage biotechnology company, has entered into a securities purchase agreement to sell 6,106,870 shares of common stock to a group of institutional investors in a private placement priced at $32.75 per share.

The company expects to receive approximately $200 million in gross proceeds before placement agent fees and other expenses. Closing is expected to occur on Oct. 19, 2026, subject to customary closing conditions.

Investors participating in the placement include Affinity Asset Advisors, LLC, First Light Asset Management, Sirenia Capital Management LP, TCGX, Trails Edge Capital Partners, Vestal Point Capital, a life sciences-focused institutional investor, and multiple mutual funds.

First Tracks Biotherapeutics said it intends to use the proceeds for general corporate purposes, including clinical development of ANB033, a CD122 antagonist being developed for celiac disease and eosinophilic esophagitis.

Leerink Partners, Piper Sandler, UBS Investment Bank, and Wells Fargo Securities are acting as placement agents for the transaction.

The securities have not been registered under the Securities Act of 1933 and may not be resold in the United States without registration or an applicable exemption. The company has agreed to file a registration statement with the SEC covering the resale of the shares.

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