Satellos Bioscience Inc., a regenerative medicine company aimed at developing therapeutics that change the way degenerative muscle diseases are treated, has closed an equity offering, issuing a total of 110 million equity securities for gross proceeds of $55 million. The offering included participation from funds managed by Avidity Partners, Qiming Venture Partners USA, Perceptive Advisors, Soleus Capital, FMB Research, Allostery Investments, and other leading healthcare-specialized institutional investors.

Bloom Burton Securities Inc. acted as exclusive agent and book running manager for the offering.

The net proceeds of the offering will be used to fund research and development activities, including, but not limited to, advancing its lead program for a small molecule drug for the treatment of Duchenne muscular dystrophy through pre-clinical work, IND submission and subsequent Phase I studies.