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Cidara Therapeutics Announces Closing of Concurrent Public Offerings of Common Stock and Preferred Stock and Full Exercise of Underwriters’ Option to Purchase Additional Shares in Public Offering of Common Stock

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Cidara Therapeutics, Inc. (Nasdaq: CDTX) has successfully completed its public offerings, raising approximately $38.5 million. This includes 17,064,511 shares of common stock priced at $1.55 per share and 774,194 shares of Series X Convertible Preferred Stock at $15.50 per share. The offerings were managed by Cantor Fitzgerald & Co. and others under an effective SEC shelf registration. The funds will support the development of long-acting therapeutics targeting serious diseases, enhancing patient care through innovative treatments.

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  • Raised approximately $38.5 million from public offerings.
  • Funding aimed at developing long-acting therapeutics for serious diseases.
Negative
  • Dilution risk for existing shareholders due to the issuance of new shares.

SAN DIEGO, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company developing long-acting therapeutics designed to improve the standard of care for patients facing serious diseases, today announced the closing of its previously announced concurrent but separate underwritten public offerings of 17,064,511 shares of its common stock, including the exercise in full by the underwriters of their option to purchase an additional 2,225,805 shares of common stock, at a price to the public of $1.55 per share and 774,194 shares of its Series X Convertible Preferred Stock at a price to the public of $15.50 per share. The gross proceeds to Cidara from these offerings, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $38.5 million.

Cantor Fitzgerald & Co. acted as the sole book-running manager for each offering. Wedbush PacGrow acted as the lead manager. Needham & Company, Maxim Group LLC and Aegis Capital Corp. acted as co-managers.

The securities described above were offered by Cidara pursuant to a shelf registration statement, which has been declared effective by the Securities and Exchange Commission (SEC). The offering was made only by means of a prospectus and prospectus supplements. Final prospectus supplements and the accompanying prospectus relating to the offerings have been filed with the SEC and are available for free on the SEC’s website located at http://www.sec.gov. Copies of the final prospectus supplements and the accompanying prospectus relating to these offerings may be obtained from: Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Ave., 4th Floor, New York, New York 10022, or by e-mail at prospectus@cantor.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 sale of these securities in any state or other 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 other jurisdiction.

About Cidara Therapeutics

Cidara is developing long-acting therapeutics designed to improve the standard of care for patients facing serious diseases. The Company’s portfolio is comprised of new approaches aimed at transforming existing treatment and prevention paradigms, first with its lead Phase 3 antifungal candidate, rezafungin, in addition to drug-Fc conjugates (DFCs) targeting viral and oncology diseases from Cidara’s proprietary Cloudbreak® platform. Cidara is headquartered in San Diego, California.

INVESTOR CONTACT:
Brian Ritchie
LifeSci Advisors
(212) 915-2578
britchie@lifesciadvisors.com

MEDIA CONTACT:
Patrick Bursey
LifeSci Communications
(203) 430-9545
pbursey@lifescicomms.com


FAQ

What is the total amount raised by Cidara Therapeutics in its recent public offerings?

Cidara Therapeutics raised approximately $38.5 million from its public offerings.

How many shares of common stock were offered by Cidara Therapeutics?

Cidara Therapeutics offered 17,064,511 shares of its common stock.

What was the offer price for Cidara's Series X Convertible Preferred Stock?

The Series X Convertible Preferred Stock was offered at a price of $15.50 per share.

Who managed the public offerings for Cidara Therapeutics?

Cantor Fitzgerald & Co. acted as the sole book-running manager for the offerings.

What is the purpose of the funds raised from Cidara's public offerings?

The funds will support the development of long-acting therapeutics aimed at improving patient care.

Cidara Therapeutics, Inc.

NASDAQ:CDTX

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252.14M
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0.95%
Biotechnology
Biological Products, (no Disgnostic Substances)
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United States of America
SAN DIEGO