On September 14, 2023 CymaBay Therapeutics, Inc. (Nasdaq: CBAY), a clinical-stage biopharmaceutical company focused on developing innovative therapies for liver and other chronic diseases with high unmet medical need, reported the closing of its previously announced underwritten public offering of common stock and pre-funded warrants. CymaBay sold 14,521,307 shares of common stock in the offering, including 1,970,227 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $17.13 per share (Press release, CymaBay Therapeutics, SEP 14, 2023, View Source [SID1234635161]). In addition, CymaBay sold, in lieu of common stock to certain investors, pre-funded warrants to purchase 583,771 shares of common stock in the offering at a public offering price of $17.1299 per underlying share. The gross offering proceeds to CymaBay from this offering were approximately $258.7 million, before deducting the underwriting discount and other estimated offering expenses, and excluding the exercise of any pre-funded warrants. The pre-funded warrant has an exercise price of $0.0001 per share. All shares of common stock and pre-funded warrants were offered by CymaBay.
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CymaBay anticipates using the net proceeds from the offering to fund ongoing development of seladelpar, including clinical trials targeting market expansion, and for working capital and general corporate purposes.
Piper Sandler, Raymond James, Cantor and LifeSci Capital acted as the joint book-running managers for the offering. BTIG acted as the lead manager for the offering.
The securities described above were offered by CymaBay pursuant to a shelf registration statement filed with the Securities and Exchange Commission (the "SEC"). A final prospectus supplement and the accompanying prospectus related to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained 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]; Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, New York 10022, or by e-mail at [email protected]; or LifeSci Capital LLC, Attention: Syndicate Prospectus Department, 250 West 55th Street, 34th Floor, New York, NY 10019, by email at [email protected] or by telephone at (646) 876-5059.
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.