Cascadian Therapeutics has announced an underwritten public offering of shares of its common stock and another public offering of series E convertible preferred stock, which is convertible into shares of its common stock subject to a maximum holding of 19.99% by the beneficiary and its affiliates.
The company intends to raise gross proceeds of $150m through the offerings, which are intended to fund its tucatinib HER2CLIMB pivotal trial and develop the drug in other indications, while part of the funds will also be used for working capital and other general corporate purposes.
The remaining funds will be invested in short-term, investment-grade, interest-bearing instruments.
Cascadian is a clinical-stage bio-pharmaceutical company based in the US.
US-based ophthalmic therapeutic products maker Ocular Therapeutix has announced that it will raise $25m in gross proceeds through an underwritten public offering of shares of its common stock.
The funds will assist the company in the clinical development of two of its advanced product candidates and perform additional pre-clinical and regulatory activities for its other product candidates. Part of the funds will also be used for general corporate and working capital purposes.
Kalytera Therapeutics has announced that it will raise up to C$12m ($9m) in gross proceeds through a non-brokered private placement of 24 million shares of its common stock priced at C$0.5 ($0.37) a share with a statutory holding period of four months plus one day from the closing date.
The proceeds will help Kalytera to acquire Talent Biotechs, as well as advance the target company’s product into Phase IIb clinical testing, and provide the funds needed for general corporate and working capital purposes.
Based in the US, Kalytera Therapeutics develops next-generation cannabinoid therapeutics.
The transaction is expected to be completed in the first half of this year.
Both companies involved in the transaction are US-based bio-pharmaceutical businesses.