Company had registered to sell up to $69 million of stock
By Susanna Moon
Chicago, April 15 – Cidara Therapeutics, Inc. said it priced an upsized $76.8 million initial public offering of stock with 30-day over-allotment option for 720,000 more shares. The company had registered up to $69 million of shares in an S-1 filing with the Securities and Exchange Commission on March 13.
The company will sell 4.8 million shares of common stock, up by 800,000 shares from the number of shares originally offered, at a public offering price of $16.00 per share, according to a company news release.
The shares are expected to begin trading on the Nasdaq Wednesday under the ticker symbol “CDTX.”
Jefferies LLC and Leerink Partners LLC are the joint bookrunning managers.
Proceeds will be used for clinical development, clinical trials, preclinical development, research and discovery and working capital, including general operating expenses.
The biotechnology company is based in San Diego.
| Issuer: | Cidara Therapeutics, Inc.
|
| Issue: | Common stock
|
| Amount: | $76.8 million
|
| Shares: | 4.8 million
|
| Price: | $16.00
|
| Warrants: | No
|
| Bookrunners: | Jefferies LLC and Leerink Partners LLC
|
| Lead manager: | Wedbush PacGrow
|
| Co-managers: | Needham & Co. LLC and BTIG, LLC
|
| Pricing date: | April 15
|
| Stock symbol: | Nasdaq: CDTX
|
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