Skye Bioscience, Inc. (NASDAQ:SKYE) shares rose 6.20% in after-hours trading Tuesday after the company entered into an equity purchase agreement with an affiliate of Redmile Group.
The stock closed Tuesday’s regular session down 7.14% at $2.02. It then rose 6.20% to $2.14 in after-hours trading.
Skye Bioscience is a biotechnology company focused on developing treatments for diseases involving the endocannabinoid system.
$22M Equity Purchase Agreement
On Aug. 21, Skye Bioscience entered into a Securities Purchase Agreement with Redmile Biopharma Investments III, L.P., under which the investor is obligated to purchase up to $22 million of the company’s equity, subject to certain conditions and limitations.
