Cingulate Inc. $12M Deal Adds Legacy Entrepreneur Back to its Board

Cingulate announces the closing of a $12 million financing deal that will bring back industry veteran Jeff Hargroves to its board of directors. Photo credit: Shutterstock (Stock story).

Posted February 25, 2026

Pharmaceutical company Cingulate Inc. announced it has just closed a $12 million deal in private investment and has added a former Kansas City area entrepreneur to its board of directors.

Cingulate successfully closed a $12 million private investment in public equity (PIPE) deal, which was led by affiliates of Falcon Creek Capital Advisor LLC., according to a Securities and Exchange Commission filing. The PIPE was completed at the closing price of $5.04 per share on January 26, 2026, with 80% warrant coverage.

The company is currently seeking FDA approval for its ADHD treatment drug, dubbed CTx-1301. The drug has a precision time-released technology allowing for a once-daily dose as opposed to other multi-dose ADHD medications.

In connection with its closure of the PIPE financing, Cingulate revealed that Falcon Creek Capital received the right to designate up to two members of Cingulate’s board of directors. The first name chosen was Jeff Hargroves, who will be returning as a Cingulate board member. Hargroves previously spent over 3 years as a board member for Cingulate from 2019 – 2022.

In 2001, Hargroves co-founded ProPharma Group, a pharmaceutical research consulting organization that partners with clients to find long-term solutions, typically with biotech, med device, and pharmaceutical organizations. ProPharma Group was headquartered in Overland Park until the company relocated its headquarters to Raleigh, North Carolina, in 2023.

Hargroves left ProPharma in 2018, where he held several board member positions at health industry organizations, including Cingulate, Riverside Partners, Attentive Science and Elixell Therapeutics.

Hargroves was also a significant participant in the PIPE financing, according to the SEC filing. Falcon Creek has not yet unveiled its second board member spot at this time.