Pathalys Pharma, Inc. announced that it will issue 3,090,996 series A-1 preferred shares at an issue price of $9.7056 per share for gross proceeds of $29,999,971 and 1,513,076 series A-2 preferred shares at an issue price of $7.76448 per share for gross proceeds of $11,748,248, for aggregate gross proceeds of $41,748,219 on January 13, 2023. The shares carry non-cumulative fixed dividend rate of 8% per share per annum. The shares are issued at $0.0001 par value per share.

The preferred share will be convertible to common shares at its original issue price.