Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Wed, November 30, 3:17 PM
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Slide #27. Cidara Therapeutics, Inc. — Preferred Stock Offering
Cidara Therapeutics, Inc. (NASDAQ:CDTX)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
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 pricing of concurrent but separate underwritten public offerings of 14,838,706 shares of its 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 $35.0 million. In addition, with respect to the common stock offering, Cidara has granted the underwriters a 30-day option to purchase up to an additional 2,225,805 shares of its common stock at the public offering price of $1.55 per share less underwriting discounts and commissions. The offerings are expected to close on or about October 13, 2021, subject to satisfaction of customary closing conditions. The closing of each offering is not contingent upon the closing of the other.
Cidara Therapeutics is a biotechnology company focused on the discovery, development and commercialization of therapeutics designed for patients facing diseases. Co. is focused on infectious diseases and oncology. Co.'s primary product candidate is rezafungin acetate, an intravenous formulation of an echinocandin antifungal. Rezafungin is being developed as a once-weekly therapy for the first-line treatment and prevention of invasive fungal infections. In addition, Co. is using its Cloudbreak® platform to develop a potential new class of drugs called drug-Fc Conjugates, which target respiratory syncytial virus, human immunodeficiency virus, and the SARS-CoV-2 strains causing COVID-19.
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Strong Buy (4.00 out of 4)
(ranked higher than approx. 95% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com