Grace Therapeutics raises $10M to push brain-bleed drug toward FDA

What's the deal? Grace TherapeuticsDealroom has a profile for this one. Try Dealroom → (Nasdaq: GRCE), a late-stage biopharma developing GTx-104, has entered a securities purchase agreement for US$6.47M private placement with new and existing investors. It will issue 4,761,904 shares of common stock, priced at-the-market under Nasdaq rules. The financing is expected to close on August 6, 2026.

What's the endgame? GTx-104 is an injectable formulation of nimodipine, delivered by IV infusion to treat aneurysmal subarachnoid haemorrhage (aSAH) — a type of stroke that accounts for about 5% of all strokes. The company will use net proceeds for the manufacturing and regulatory work needed to advance the drug.

Why now? Grace is racing to resubmit its New Drug Application after receiving a Complete Response Letter from the FDA. It has launched a dual-source manufacturing strategy, with a technology transfer to a second, US-based contract manufacturer already underway to reduce reliance on its current supplier's unresolved compliance issues.

What could go wrong? Resubmission timing hinges on manufacturing readiness. The US-based path requires a full chemistry, manufacturing, and controls package backed by 12 months of stability data; the alternative depends on the current manufacturer remediating its FDA problems in time.

The proceeds, plus existing cash, are expected to extend Grace's runway to the end of 2028. Craig-HallumDealroom has a profile for this one. Try Dealroom → is acting as sole placement agent.

The signal: At $10 million, the round lands in the top 6% of non-VC private placements in Canadian health over the past 48 months, according to funding data. For a late-stage biopharma, the size reflects investor willingness to fund the manufacturing groundwork that now stands between GTx-104 and a fresh shot at approval.

Image credit: Grace Therapeutics