KalVista Pharmaceuticals Announces Pricing of a $55 Million Underwritten Offering of Common Stock and Concurrent Private Placement of $5 Million
KalVista Pharmaceuticals (KALV) has announced the pricing of an underwritten offering of 5.5 million shares at $10.00 per share, expecting to raise $55 million. Concurrently, the company entered a private placement agreement with DRI Healthcare Acquisitions LP for an additional 500,000 shares at the same price, raising an additional $5 million. The proceeds will fund the clinical development of sebetralstat and its planned commercialization. The offerings are expected to close on November 5, 2024, with Jefferies, BofA Securities, TD Cowen, and Stifel acting as joint book-running managers.
KalVista Pharmaceuticals (KALV) ha annunciato il prezzo di un'offerta garantita di 5,5 milioni di azioni a $10,00 per azione, prevedendo di raccogliere $55 milioni. Contestualmente, l'azienda ha stipulato un accordo di collocamento privato con DRI Healthcare Acquisitions LP per ulteriori 500.000 azioni allo stesso prezzo, raccogliendo ulteriori $5 milioni. I proventi finanzieranno lo sviluppo clinico di sebetralstat e la sua commercializzazione pianificata. Le offerte dovrebbero chiudere il 5 novembre 2024, con Jefferies, BofA Securities, TD Cowen e Stifel che agiscono come gestori congiunti dell'operazione.
KalVista Pharmaceuticals (KALV) ha anunciado el precio de una oferta suscrita de 5,5 millones de acciones a $10,00 por acción, esperando recaudar $55 millones. Concurrentemente, la compañía firmó un acuerdo de colocación privada con DRI Healthcare Acquisitions LP para 500,000 acciones adicionales al mismo precio, recaudando otros $5 millones. Los fondos se destinarán al desarrollo clínico de sebetralstat y su comercialización planificada. Se espera que las ofertas cierren el 5 de noviembre de 2024, con Jefferies, BofA Securities, TD Cowen y Stifel actuando como gerentes conjuntos de libros.
KalVista Pharmaceuticals (KALV)는 550만 주의 청약가를 주당 $10.00로 책정했다고 발표하였으며, $5500만을 모금을 기대하고 있습니다. 동시에 회사는 DRI Healthcare Acquisitions LP와 50만 주의 사모배정 계약을 체결하였으며, 동일한 가격으로 추가 $500만을 모금하였습니다. 모금된 자금은 sebetralstat의 임상 개발 및 계획된 상업화를 지원하는 데 사용될 것입니다. 이 이Offerings는 2024년 11월 5일에 닫힐 것으로 예상되며, Jefferies, BofA Securities, TD Cowen 및 Stifel이 공동 북런닝 매니저로 활동할 것입니다.
KalVista Pharmaceuticals (KALV) a annoncé le prix d'une offre souscrite de 5,5 millions d'actions à 10,00 $ par action, s'attendant à lever 55 millions de dollars. Parallèlement, la société a conclu un accord de placement privé avec DRI Healthcare Acquisitions LP pour 500 000 actions supplémentaires au même prix, levant ainsi 5 millions de dollars supplémentaires. Les fonds serviront à financer le développement clinique de sebetralstat et sa commercialisation prévue. Les offres devraient se clôturer le 5 novembre 2024, avec Jefferies, BofA Securities, TD Cowen et Stifel agissant en tant que gestionnaires conjoints de livres.
KalVista Pharmaceuticals (KALV) hat den Preis für ein unterzeichnetes Angebot von 5,5 Millionen Aktien zu $10,00 pro Aktie bekanntgegeben, mit dem Ziel, $55 Millionen zu sammeln. Gleichzeitig hat das Unternehmen eine Privatplatzierungsvereinbarung mit DRI Healthcare Acquisitions LP für weitere 500.000 Aktien zum gleichen Preis unterzeichnet, wodurch weitere $5 Millionen gesammelt werden. Die Erlöse werden die klinische Entwicklung von sebetralstat und deren geplante Kommerzialisierung finanzieren. Die Angebote sollen am 5. November 2024 abgeschlossen werden, wobei Jefferies, BofA Securities, TD Cowen und Stifel als Joint Book-Running Managers fungieren.
- Secured total funding of $60 million through combined public and private offerings
- Strategic investment from DRI Healthcare Trust through private placement
- Proceeds will support sebetralstat development and commercialization plans
- Significant shareholder dilution through issuance of 6 million new shares
- Common stock in private placement not registered, potentially affecting liquidity
Insights
This
The timing aligns with KalVista's commercialization plans for sebetralstat, their lead product candidate. With multiple tier-1 investment banks (Jefferies, BofA Securities, TD Cowen, Stifel) managing the offering, this strengthens the company's balance sheet and provides runway for clinical development and planned commercialization activities. The participation of institutional investors and strategic healthcare partners suggests positive momentum for the company's development pipeline.
Concurrently with the Offering, KalVista has entered into a securities purchase agreement with DRI Healthcare Acquisitions LP (“DRI”), an accredited investor affiliated with DRI Healthcare Trust, pursuant to which KalVista agreed to offer and sell and DRI agreed to purchase 500,000 shares of KalVista common stock in a private placement (the “Private Placement”) at a price per share equal to that of the public offering price. Gross proceeds to KalVista are expected to be
KalVista intends to use the net proceeds from the Offering and the Private Placement, along with the proceeds from our previously announced synthetic royalty transaction and existing cash and cash equivalents, to fund the continued clinical development of its product candidate sebetralstat and activities related to its planned commercialization following approval. The remainder of the net proceeds, if any, will be used for general corporate purposes.
All of the shares of common stock are being offered by KalVista. The Offering and Private Placement are expected to close on November 5, 2024, subject to the satisfaction of customary closing conditions.
Jefferies, BofA Securities, TD Cowen and Stifel are acting as the joint book-running managers for the Offering and as the joint placement agents for the Private Placement.
Jones is acting as financial advisor for the Offering.
The Offering is being made pursuant to a shelf registration statement (File No. 333-280759) on Form S-3 that was filed by KalVista with the Securities and Exchange Commission (“SEC”) on July 11, 2024 and declared effective by the SEC on July 19, 2024. A prospectus supplement and accompanying prospectus relating to and describing the terms of the Offering was filed with the SEC and is available on the SEC’s website at www.sec.gov. A copy of the prospectus supplement relating to the Offering, when available, may be obtained by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue,
The securities being issued and sold in the Private Placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state’s securities laws, and are being issued and sold in reliance on Section 4(a)(2) of the Securities Act promulgated thereunder. The securities may not be offered or sold in
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of KalVista, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About KalVista Pharmaceuticals, Inc.
KalVista Pharmaceuticals, Inc. is a global pharmaceutical company that seeks to develop and deliver oral medicines for diseases with significant unmet need. KalVista is focused on understanding the needs of patients and the limitations of current therapies to design treatments that empower people to better manage their disease and improve their lives. KalVista’s New Drug Application filing for sebetralstat for the on-demand treatment of hereditary angioedema (“HAE”) attacks has been accepted by the
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104734173/en/
KalVista Pharmaceuticals, Inc.
Jenn Snyder
Vice President, Corporate Affairs
(617) 448-0281
jsnyder@kalvista.com
Ryan Baker
Head, Investor Relations
(617) 771-5001
ryan.baker@kalvista.com
Source: KalVista Pharmaceuticals, Inc.
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