On November 18, 2021 CymaBay Therapeutics, Inc. (Nasdaq: CBAY), a clinical-stage biopharmaceutical company focused on developing and providing access to innovative therapies for patients with liver and other chronic diseases with high unmet medical need, reported the pricing of its previously announced underwritten public offering of common stock and pre-funded warrants (Press release, CymaBay Therapeutics, NOV 18, 2021, View Source [SID1234595771]). CymaBay is selling 15,625,000 shares of common stock and pre-funded warrants to purchase 3,125,000 shares of common stock in the offering. The shares of common stock are being sold at a public offering price of $4.00 per share, and the pre-funded warrants are being sold at a public offering price of $3.9999 per underlying share. The gross offering proceeds to CymaBay from this offering are expected to be approximately $75 million, before deducting the underwriting discount and other estimated offering expenses, and excluding the exercise of any pre-funded warrants. All shares of common stock and pre-funded warrants to be sold in the offering will be offered by CymaBay. CymaBay has granted the underwriters a 30-day option to purchase up to an additional 2,812,500 shares of its common stock at the public offering price per share less underwriting discounts and commissions. CymaBay anticipates using the net proceeds from the offering to fund ongoing development of seladelpar and for working capital and general corporate purposes.
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The offering is expected to close on November 22, 2021, subject to the satisfaction of customary closing conditions.
Piper Sandler, Raymond James and Cantor are acting as the joint book-running managers for the offering. LifeSci Capital and JonesTrading are acting as co-managers for the offering.
The securities described above are being offered by CymaBay pursuant to a shelf registration statement filed with the Securities and Exchange Commission (the "SEC") on July 2, 2020, which became effective on July 13, 2020. A preliminary prospectus supplement and accompanying prospectus related to the offering has been filed, and a final prospectus supplement and accompanying prospectus related to the offering will be filed, with the SEC and are or will be available on the SEC’s website at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to this offering may be obtained, when available, from: Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by telephone at 800-747-3924, or by email at [email protected]; Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at (800) 248-8863, or by e-mail at [email protected]; or Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022, or by email at [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.