- 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.
Read at Benzinga