Cidara Therapeutics Announces Pricing of $20 Million Private Placement of Common Stock
October 19 2017 - 9:00AM
Cidara Therapeutics, Inc. (NASDAQ:CDTX), a biotechnology company
developing novel anti-infectives including immunotherapies, today
announced the pricing of a private placement of 3,360,000 shares of
its common stock at a price of $6.00 per share. The syndicate of
investors in the private placement was comprised of new and
existing investors, including Great Point Partners, LLC, BB Biotech
AG, Prosight Capital, Broadfin Capital, LLC and certain other
institutional investors. The gross proceeds to Cidara from the
private placement are expected to be approximately $20 million. The
private placement is expected to close on or about October 24,
2017, subject to the satisfaction of customary closing conditions.
Cantor Fitzgerald & Co. acted as sole placement agent for
the offering.
The securities described above have not been registered under
the Securities Act of 1933, as amended (the “Securities Act”), or
any state or other jurisdiction’s securities laws, and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act and applicable state or other jurisdictions’
securities laws. The Company has agreed to file a registration
statement with the Securities and Exchange Commission registering
the resale of the shares of common stock to be issued and sold in
the private placement.
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 a clinical-stage biotechnology company focused on
developing new anti-infectives that have the potential to transform
the standard of care and save or improve patients’ lives. The
company is currently advancing its novel echinocandin antifungal,
CD101 IV, through Phase 2 and developing CD201, its bispecific
antibiotic immunotherapy, for the treatment of multi-drug resistant
Gram-negative bacterial infections. CD101 IV has improved
pharmacokinetics compared to existing echinocandins and has the
potential for expanded utility across patient settings. CD101 IV is
the only once-weekly product candidate in development for the
treatment and prevention of life-threatening invasive fungal
infections. CD201 is the first drug candidate selected from
Cidara’s novel Cloudbreak™ platform, the first immunotherapy
discovery platform designed specifically to create compounds that
direct a patient’s immune cells to attack and eliminate bacterial,
fungal or viral pathogens. Cidara is headquartered in San Diego,
California. For more information, please visit www.cidara.com.
Forward Looking Statements
Statements contained in this press release regarding matters
that are not historical facts are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. Such
statements include, but are not limited to, statements regarding
the completion, timing and size of the private placement described
above. Risks that contribute to the uncertain nature of the
forward-looking statements include risks and uncertainties
associated with market conditions and the satisfaction of customary
closing conditions related to the private placement, as well as
risks and uncertainties associated with Cidara’s business and
finances in general. These and other risks and uncertainties are
described more fully in Cidara’s Form 10-Q most recently filed with
the United States Securities and Exchange Commission. There can be
no assurance that Cidara will be able to complete the private
placement on the anticipated terms or at all. All forward-looking
statements contained in this press release speak only as of the
date on which they were made. Cidara undertakes no obligation to
update such statements to reflect events that occur or
circumstances that exist after the date on which they were
made.
Investor Contact:Robert H. UhlWestwicke
Partners, LLCManaging Director(858)
356-5932robert.uhl@westwicke.com
Media Contact:Christy CurranSam Brown Inc.(615)
414-8668christycurran@sambrown.com
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