Cidara Therapeutics Announces Pricing of Public Offerings of Common Stock and Preferred Stock
Cidara Therapeutics (Nasdaq: CDTX) announced the pricing of two separate public offerings totaling approximately $17.5 million. The company plans to offer 9,640,000 shares of common stock and 286,000 shares of Series X Convertible Preferred Stock, convertible into 2,860,000 shares of common stock. The offerings are expected to close around March 7, 2023. An additional 1,446,000 shares may be purchased by the underwriter within 30 days. Cantor Fitzgerald & Co. serves as the sole book-running manager. The offerings aim to enhance Cidara's financial position to support its therapeutic developments.
- Expected gross proceeds of approximately $17.5 million to support business growth.
- Opportunity for additional capital through underwriter's option to purchase more shares.
- Potential dilution of existing shareholders due to the offering of additional shares.
SAN DIEGO, March 03, 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 pricing of concurrent but separate underwritten public offerings of 9,640,000 shares of its 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 expected gross proceeds of approximately
In addition, with respect to the common stock offering, Cidara has granted the underwriter a 30-day option to purchase up to an additional 1,446,000 shares of its common stock.
Cantor Fitzgerald & Co. is acting as the sole book-running manager for each offering.
The underwriter may offer the shares of common stock from time to time for sale in one or more transactions on the Nasdaq Capital Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices subject to receipt and acceptance by it and subject to its right to reject any order in whole or in part. On March 2, 2023, the last sale price of the shares as reported on the Nasdaq Capital Market was
The securities described above are being offered by Cidara pursuant to a shelf registration statement, which has been declared effective by the Securities and Exchange Commission (SEC). The offering is being made only by means of a prospectus and prospectus supplements. Preliminary 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. Final prospectus supplements and the accompanying prospectus relating to the offerings will be filed with the SEC and will be 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, when available, 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.
Forward Looking Statements
Statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements about Cidara’s expectations regarding the timing and completion of and gross proceeds from its public offerings. Words such as “believe,” “anticipate,” “plan,” “expect,” “intend,” “will,” “may,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements necessarily contain these identifying words. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the offerings, as well as risks and uncertainties associated with Cidara’s business and finances in general, including the risks and uncertainties in the section captioned “Risk Factors” in the prospectus supplements related to the public offerings filed with the SEC and in Cidara’s most recent Quarterly Report on Form 10-Q and other filings subsequently filed with the SEC. There can be no assurances that Cidara will be able to complete either or both of the proposed offerings on the anticipated terms, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Cidara undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.
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
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