Codiak Announces Pricing of $57.8 Million Public Offering of Common Stock

Rhea-AI Summary

Codiak BioSciences, Inc. (Nasdaq: CDAK) announced a public offering of 2,750,000 shares at $21.00 per share, aiming to raise approximately $57.8 million. The offering includes a 30-day option for underwriters to purchase an additional 412,500 shares. The transaction is set to close on February 17, 2021, pending customary conditions. Goldman Sachs, Evercore ISI, and William Blair are the joint book-running managers for the offering. This capital will support Codiak's innovative work in exosome-based therapeutics for various diseases.

Positive

• Gross proceeds of approximately $57.8 million expected from the offering.
• The funds will support the development of Codiak's engEx Platform for exosome-based therapeutics.

Negative

• The public offering may lead to shareholder dilution due to the increase in outstanding shares.

CAMBRIDGE, Mass., Feb. 11, 2021 (GLOBE NEWSWIRE) -- Codiak BioSciences, Inc. (Nasdaq: CDAK) (“Codiak”), a clinical-stage biopharmaceutical company focused on pioneering the development of exosome-based therapeutics as a new class of medicines, announced today the pricing of its underwritten public offering of 2,750,000 shares of its common stock at a public offering price of $21.00 per share, for gross proceeds of approximately $57.8 million, before deducting underwriting discounts and commissions and offering expenses. All of the shares are being offered by Codiak. In addition, Codiak has granted the underwriters a 30-day option to purchase up to an additional 412,500 shares of its common stock, at the public offering price, less underwriting discounts and commissions. All the shares to be sold in the proposed offering will be sold by Codiak.

The offering is expected to close on February 17, 2021, subject to customary closing conditions.

Goldman Sachs & Co. LLC, Evercore ISI and William Blair are acting as joint book-running managers for the offering and as representatives of the underwriters. Wedbush PacGrow is acting as lead manager for the offering.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission (“SEC”) and became effective on February 11, 2021. This offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, or by email: prospectus-ny@ny.email.gs.com; or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, telephone: (888) 474-0200, or by email: ecm.prospectus@evercore.com; or William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, telephone: 1-800-621-0687, or by email: prospectus@williamblair.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Codiak
Codiak is a clinical-stage biopharmaceutical company focused on pioneering the development of exosome-based therapeutics, a new class of medicines with the potential to transform the treatment of a wide spectrum of diseases with high unmet medical need. By leveraging the biology of exosomes as natural intercellular transfer mechanisms, Codiak has developed its proprietary engEx Platform to expand upon the innate properties of exosomes to design, engineer and manufacture novel exosome therapeutic candidates. Codiak has utilized its engEx Platform to generate a deep pipeline of engineered exosomes aimed at treating a broad range of disease areas, spanning oncology, neuro-oncology, neurology, neuromuscular disease and infectious disease.

FAQ

What is the public offering size for Codiak BioSciences (CDAK)?

Codiak BioSciences is offering 2,750,000 shares at $21.00 each.

When is the expected closing date of Codiak's offering?

The offering is expected to close on February 17, 2021.

What are the proceeds from Codiak's public offering intended for?

The proceeds will support the development of Codiak's exosome-based therapeutics.

Who are the underwriters for the Codiak BioSciences offering?

Goldman Sachs, Evercore ISI, and William Blair are the joint book-running managers.

Will Codiak BioSciences offer more shares during the public offering?

Yes, there is a 30-day option for underwriters to purchase an additional 412,500 shares.