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Benzinga
Benzinga
Technology
Vandana Singh

Calithera Biosciences Raises $10M Via Equity Issued At 10% Discount

  • Calithera Biosciences Inc (NASDAQ:CALA) priced its previously announced underwritten public offering of 18.5 million shares at $0.54 per share for gross proceeds of $10 million.
  • Each share of common stock is accompanied by a warrant to purchase one common share at an exercise price of $0.54 per share, which is immediately exercisable and will expire in 18 months, and a warrant to purchase one common share at an exercise price of $0.54 per share, which is immediately exercisable and will expire five years from the date of issuance.
  • The offering is expected to close on April 1.
  • SVB Leerink and H.C. Wainwright & Co. are acting as joint book-running managers for the offering.
  • Related: Why Did Calithera Shares Drop To 52-Week Low In Premarket Friday?
  • Calithera Biosciences will use the proceeds to further the clinical development of mivavotinib, SYK inhibitor, and sapanisertib, dual TORC 1/2 inhibitor, in Phase 2 clinical trials, fund clinical development of additional clinical candidates, and early-stage research.
  • See the offer prospectus here.
  • Price Action: CALA shares are down 31.4% at $0.41 during the market session on the last check Wednesday.
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