Cidara Therapeutics Announces Closing of Public Offerings of Common Stock and Preferred Stock and Full Exercise of Underwriter’s Option to Purchase Additional Shares in Public Offering of Common Stock
Cidara Therapeutics, Inc. (Nasdaq: CDTX) has successfully completed its separate underwritten public offerings, securing gross proceeds of approximately $19.5 million. This includes the sale of 11,086,000 shares of common stock and 286,000 shares of Series X Convertible Preferred Stock, with the underwriter fully exercising its option for an additional 1,446,000 shares. The offerings were executed under an effective shelf registration statement with the SEC. Funds raised are intended to advance Cidara's long-acting therapeutics portfolio, focused on improving care for serious diseases, including its lead antifungal candidate, rezafungin.
- Secured approximately $19.5 million in gross proceeds from equity offerings.
- Advancing the development of long-acting therapeutics, including the lead candidate rezafungin.
- Dilution risk for existing shareholders due to new share offerings.
SAN DIEGO, March 07, 2023 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company developing long-acting therapeutics designed to help 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 11,086,000 shares of its common stock, including the exercise in full by the underwriter of its option to purchase an additional 1,446,000 shares of common stock, and 286,000 shares of its Series X Convertible Preferred Stock (each share of which is initially convertible into 10 shares of common stock), for aggregate gross proceeds of approximately
Cantor Fitzgerald & Co. acted as the sole book-running manager for each offering.
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 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 help 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
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