60 Degrees Pharmaceuticals, Inc. - SXTP STOCK NEWS

VSee Health (Nasdaq:VSEE) was featured on Bloomberg TV's RedChip Small Stocks, Big Money show. In the interview, co-CEO Imo Aisiku discussed the company's position in the $787 billion telehealth market. VSee's AI telehealth platform processes over 1.5M HIPAA-compliant video encounters monthly and has been deployed in over 50 countries. The company serves major clients including NASA, US Department of Health and Human Services, McKesson, Magellan, DaVita, GE, and Qatar's healthcare system.

60 Degrees Pharmaceuticals (SXTP) and Can-Fite BioPharma (CANF) will be featured on the RedChip Small Stocks, Big Money show on Bloomberg TV on November 23 at 7 p.m. ET. The program, reaching approximately 73 million U.S. homes, will include interviews with both companies' CEOs. Geoffrey Dow from SXTP will discuss their FDA-approved antimalarial drug ARAKODA and plans to expand its use for diseases like babesiosis. Motti Farbstein from Can-Fite will present their oral drug platform targeting oncology and inflammatory diseases, along with updates on their late-stage clinical pipeline.

60 Degrees Pharmaceuticals (NASDAQ: SXTP) reported Q3 2024 financial results showing significant year-over-year growth. Sales revenue increased 164% to $135 thousand, driven by a 140% increase in ARAKODA® pharmacy deliveries. The company achieved a gross profit of $24 thousand, compared to a $20 thousand loss in Q3 2023. However, operating expenses rose to $2.16 million, and net loss was $2.27 million. A $4 million private placement was completed at $1.38 per share. Key business developments included granting University of Kentucky reference rights for ARAKODA®, securing a U.S. Army contract, and advancing clinical trials for babesiosis treatment.

60 Degrees Pharmaceuticals, Inc. (NASDAQ: SXTP) has launched a nine-month promotional pilot for ARAKODA® (tafenoquine), an antimalarial medication. The pilot aims to increase brand awareness and utilization through virtual sales outreach and a co-pay assistance program. ARAKODA is the only FDA-approved prophylactic therapy that protects against all malaria stages, offering a convenient weekly dosing schedule.

The program includes virtual sales representatives conducting outreach to promote the co-pay program and boost sales. Data generated will inform the company on customer demographics, pricing, prescription trends, and guide future promotional efforts. This initiative precedes a planned expanded U.S. sales effort in 2025.

60 Degrees Pharmaceuticals, Inc. (NASDAQ: SXTP) has closed a $4 million private placement of common stock and warrants. The offering included 2,898,551 shares (or equivalents) at $1.38 per share, with accompanying series A and B warrants. H.C. Wainwright & Co. acted as the exclusive placement agent. The company plans to use the proceeds for working capital, general operations, commercialization of Arakoda, and R&D. The securities were offered under Section 4(a)(2) of the Securities Act and have not been registered, limiting their sale in the United States.

60 Degrees Pharmaceuticals (NASDAQ: SXTP) has announced a $4 million private placement priced at-the-market under Nasdaq rules. The company will issue and sell 2,898,551 shares of common stock (or equivalents) at $1.38 per share, along with series A and short-term series B warrants. The warrants will have an exercise price of $1.38 per share, with series A expiring in five years and series B in 18 months from stockholder approval.

H.C. Wainwright & Co. is acting as the exclusive placement agent. The offering is expected to close around September 5, 2024. 60P plans to use the net proceeds for working capital, general operations, Arakoda commercialization, and research and development. The securities are being offered under Section 4(a)(2) of the Securities Act and have not been registered, limiting their sale in the United States.

60 Degrees Pharmaceuticals, Inc. (NASDAQ: SXTP; SXTPW), a company focused on developing new medicines for infectious diseases, has regained compliance with Nasdaq's minimum bid price requirement. The company received written notice from Nasdaq on August 26, 2024, confirming its compliance with the Minimum Bid Price Requirement set forth in Nasdaq Listing Rule 5550(a)(2).

60P had been notified of non-compliance on February 27, 2024, as its common stock failed to maintain a minimum bid price of $1.00 for 30 consecutive business days. To regain compliance, the company needed to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days. This was achieved between August 12, 2024, and August 23, 2024, with the company's closing price reaching $1.81 on August 23, 2024.

60 Degrees Pharmaceuticals (NASDAQ: SXTP) reported Q2 2024 financial results, showing significant growth in net product revenues. Key highlights include:

- Net product revenues doubled year-over-year to $125,000
- Sequential quarter-over-quarter revenue growth of 18.3%
- Gross profit improved from ($124,000) loss to $35,000 gain
- ARAKODA® pharmacy deliveries increased by 288%
- Operating expenses rose to $4.22 million, impacted by a non-recurring R&D charge
- Net loss widened to $4.29 million or ($4.23) per share

The company also reported progress in its clinical trials, with the first patient enrolled in a tafenoquine study for Babesiosis at Tufts Medical Center. Additionally, the FDA granted Orphan Drug Designation for tafenoquine in acute babesiosis treatment.

60 Degrees Pharmaceuticals (NASDAQ: SXTP) has granted the University of Kentucky a right of reference to its NDA for ARAKODA® (tafenoquine), an FDA-approved anti-malarial. This allows the FDA to review ARAKODA's data when evaluating protocols for the university's upcoming Phase IIb study of SJ733, an oral ATP4 inhibitor of Plasmodium, combined with tafenoquine for vivax malaria treatment.

The study, funded by the Global Health Innovative Technology Fund, aims to evaluate the safety, tolerability, and pharmacokinetics of this single-dose combination. It potentially offers a significant advancement in malaria treatment, especially in areas with chloroquine-resistant P. vivax. 60 Degrees Pharma will supply tafenoquine and placebos for the trial.