Cidara Therapeutics Announces $105 Million Private Placement
Cidara Therapeutics (CDTX) has announced a $105 million private placement led by new investor Venrock Healthcare Capital Partners, with participation from both new and existing life sciences-focused investors. The company will issue approximately 3.89 million shares of common stock at $14.912 per share and pre-funded warrants for 3.15 million shares at $14.9119 per warrant. The placement is expected to close around November 25, 2024. The proceeds will be used to fund research and development of product candidates, working capital, and general corporate purposes. RBC Capital Markets acted as sole placement agent, while Guggenheim Securities served as financial advisor.
Cidara Therapeutics (CDTX) ha annunciato un collocamento privato da 105 milioni di dollari guidato dal nuovo investitore Venrock Healthcare Capital Partners, con la partecipazione di investitori già esistenti e nuovi focalizzati sulle scienze della vita. L'azienda emetterà circa 3,89 milioni di azioni ordinarie a 14,912 dollari per azione e warrant pre-finanziati per 3,15 milioni di azioni a 14,9119 dollari per warrant. Si prevede che il collocamento si chiuda intorno al 25 novembre 2024. I proventi saranno utilizzati per finanziare la ricerca e lo sviluppo di candidati prodotti, capitale circolante e scopi aziendali generali. RBC Capital Markets ha agito come unico agente di collocamento, mentre Guggenheim Securities ha servito come consulente finanziario.
Cidara Therapeutics (CDTX) ha anunciado una colocación privada de 105 millones de dólares liderada por el nuevo inversor Venrock Healthcare Capital Partners, con la participación de nuevos y existentes inversores enfocados en ciencias de la vida. La compañía emitirá aproximadamente 3,89 millones de acciones comunes a 14,912 dólares por acción y garantías prefinanciadas para 3,15 millones de acciones a 14,9119 dólares por garantía. Se espera que la colocación cierre alrededor del 25 de noviembre de 2024. Los ingresos se utilizarán para financiar la investigación y el desarrollo de candidatos de productos, capital de trabajo y propósitos corporativos generales. RBC Capital Markets actuó como agente exclusivo de colocación, mientras que Guggenheim Securities sirvió como asesor financiero.
Cidara Therapeutics (CDTX)는 새 투자자 Venrock Healthcare Capital Partners가 주도한 1억 5백만 달러 규모의 사모펀드를 발표하였으며, 생명과학 분야에 집중하는 기존 투자자들과 새로운 투자자들이 참여했습니다. 이 회사는 약 389만 주의 보통주를 주당 14.912 달러에 발행하고, 315만 주에 대한 사전 자금 지급 보증서를 주당 14.9119 달러에 발행할 예정입니다. 이 사모펀드는 2024년 11월 25일경에 마감될 것으로 예상됩니다. 수익금은 제품 후보의 연구 개발, 운영 자본 및 일반 корпоратив 목적에 사용될 것입니다. RBC Capital Markets는 단독 배치 중개인으로 활동했으며, Guggenheim Securities는 재무 자문 역할을 수행했습니다.
Cidara Therapeutics (CDTX) a annoncé un placement privé de 105 millions de dollars dirigé par le nouvel investisseur Venrock Healthcare Capital Partners, avec la participation d'investisseurs existants et nouveaux axés sur les sciences de la vie. La société émettra environ 3,89 millions d'actions ordinaires au prix de 14,912 dollars par action et des bons préfinancés pour 3,15 millions d'actions au prix de 14,9119 dollars par bon. Le placement devrait se clôturer autour du 25 novembre 2024. Les bénéfices seront utilisés pour financer la recherche et le développement de produits candidats, le fonds de roulement et des fins d'entreprise générales. RBC Capital Markets a agi en tant qu'agent de placement exclusif, tandis que Guggenheim Securities a servi de conseiller financier.
Cidara Therapeutics (CDTX) hat eine Privatplatzierung über 105 Millionen US-Dollar angekündigt, die von dem neuen Investor Venrock Healthcare Capital Partners geleitet wird und an der neue sowie bestehende Investoren im Bereich Lebenswissenschaften teilnehmen. Das Unternehmen wird etwa 3,89 Millionen Aktien zu je 14,912 US-Dollar und vorfinanzierte Warrants für 3,15 Millionen Aktien zu je 14,9119 US-Dollar ausgeben. Der Abschluss der Platzierung wird um den 25. November 2024 erwartet. Die Einnahmen werden verwendet, um die Forschung und Entwicklung von Produktkandidaten, Betriebskapital und allgemeine Unternehmenszwecke zu finanzieren. RBC Capital Markets fungierte als alleiniger Platzierungsagent, während Guggenheim Securities als Finanzberater tätig war.
- Secured substantial funding of $105 million through private placement
- Attracted significant new institutional investors including Venrock Healthcare and RA Capital Management
- Strengthened cash position for R&D and working capital
- Potential dilution for existing shareholders due to new share issuance
- Securities not immediately tradeable due to registration requirements
Insights
This
The substantial capital injection will extend Cidara's operational runway and accelerate their drug-Fc conjugate immunotherapy development. With approximately
Financing led by new investor, Venrock Healthcare Capital Partners, with significant participation by new and existing life sciences-focused investors
SAN DIEGO, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company using its proprietary Cloudbreak® platform to develop drug-Fc conjugate (DFC) immunotherapies designed to save lives and improve the standard of care for patients facing serious diseases, today announced that it has entered into a securities purchase agreement with certain investors to raise up to approximately
Pursuant to the terms of the securities purchase agreement, Cidara will issue an aggregate of 3,892,274 shares of its common stock at a purchase price of
Cidara intends to use the net proceeds from the private placement to fund research and development of product candidates, working capital and general corporate purposes.
RBC Capital Markets acted as the sole placement agent for the private placement. Guggenheim Securities acted as financial advisor to the Company.
The offer and sale of the foregoing securities are being made in a transaction not involving a public offering, and the securities have not been registered under the Securities Act of 1933, as amended (the Securities Act), or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. Cidara has agreed to file a registration statement with the Securities and Exchange Commission (SEC) registering the resale of the shares of common stock purchased in the private placement and shares of common stock underlying the pre-funded warrants.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state. Any offering of the securities under the resale registration statement will only be made by means of a prospectus.
About Cidara Therapeutics
Cidara Therapeutics is using its proprietary Cloudbreak® platform to develop novel drug-Fc conjugates (DFCs) comprising targeted small molecules or peptides coupled to a proprietary human antibody fragment (Fc). Cidara’s lead DFC candidate, CD388, is a long-acting antiviral designed to achieve universal prevention of seasonal and pandemic influenza with a single dose by directly inhibiting viral proliferation. In June 2023, CD388 was granted Fast Track Designation by the U.S. Food and Drug Administration (FDA), and the Company announced initiation of a Phase 2b trial in September 2024. Additional DFCs have been developed for oncology and in July 2024 Cidara received IND clearance for CBO421 which is intended to target CD73 in solid tumors. Cidara is headquartered in San Diego, California.
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “anticipates,” “expect,” “may,” “plan” or “will”. Forward-looking statements in this release include, but are not limited to, statements related to the completion, timing and size of the private placement, the intended use of the net proceeds, the filing of a resale registration statement and Cidara’s plans regarding the development of CD388. Such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, such as risks associated with market conditions and the satisfaction of closing conditions related to the private placement, risks associated with Cidara’s cash needs, and risks and uncertainties associated with Cidara’s business and finances in general. These and other risks are identified under the caption “Risk Factors” in Cidara’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 7, 2024 and other filings the Company makes with the SEC from time to time and available at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Cidara does not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.
INVESTOR CONTACT:
Brian Ritchie
LifeSci Advisors
(212) 915-2578
britchie@lifesciadvisors.com
MEDIA CONTACT:
Michael Fitzhugh
LifeSci Communications
mfitzhugh@lifescicomms.com
FAQ
How much did Cidara Therapeutics (CDTX) raise in their November 2024 private placement?
What is the share price for CDTX's November 2024 private placement?
How many shares and warrants will CDTX issue in the November 2024 private placement?
What will CDTX use the private placement proceeds for?
