Kaleido Biosciences Announces Proposed Public Offering of Common Stock

On June 1, 2020 Kaleido Biosciences, Inc. (Nasdaq: KLDO), a clinical-stage healthcare company with a chemistry-driven approach to targeting the microbiome to treat disease and improve human health, reported that it intends to sell, subject to market and other conditions, $30 million of shares of its common stock in an underwritten public offering (Press release, Kaleido Biosciences, JUN 1, 2020, View Source [SID1234560725]). Kaleido also intends to grant the underwriters a 30-day option to purchase an additional $4.5 million of shares of its common stock offered in the public offering. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. All of the shares in the proposed offering are to be sold by Kaleido.

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Morgan Stanley is acting as sole book-running manager for the offering. Canaccord Genuity is acting as lead manager for the offering.

Kaleido intends to use the net proceeds from the offering, in addition to its existing cash resources, to fund its continued research and development activities, including the ongoing clinical program of KB109 in patients with mild-to-moderate COVID-19, the ongoing Phase 2 clinical trial of KB195 in patients with urea cycle disorders, and the planned clinical study of KB295 in patients with mild-to-moderate ulcerative colitis, to fund any other research and development activities that relate to its current and future clinical and preclinical activities, and the remainder for planned general and administrative expenses, working capital and other general corporate purposes.

The securities described above are being offered by Kaleido pursuant to a shelf registration statement on Form S-3 (No. 333-236804), including a base prospectus. The securities will be offered only by means of a prospectus. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus may also be obtained, when available, from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, 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.