Biotime Inc., of Alameda, Calif., raised $4.5 million through the sale of about 2.3 million shares of Oncocyte Corp., a company in which Biotime remains the largest shareholder. The sale accounted for about 15% of Biotime's investment in Oncocyte and will provide cash to support Biotime's operations, it said. Following completion of the sale, expected July 5, Biotime will own about 23.9%, or 12.4 million shares, of Oncocyte's outstanding common stock.
Calliditas Therapeutics AB, of Stockholm, said it raised gross proceeds of about SEK120 million (US$12.9 million) through a directed share issue consisting of about 3.5 million shares at a price of SEK60 per share. Calliditas CEO Renée Aguiar-Lucander said the funding, in conjunction with a $15 million up-front payment it received as part of a recent agreement to license Nefecon for the treatment of IgA nephropathy in greater China and Singapore to Everest Medicines II Ltd., of Singapore, will enable the company to accelerate its clinical program and continue advancing development of other pipeline projects. (See BioWorld, June 19, 2019.)
Citryll BV, of Oss, the Netherlands, closed a targeted €15 million (US$16.9 million) investment round, funded by Modiquest BV, BOM Brabant Ventures, Brightgene and Curie Capital. Proceeds will be used to progress preclinical and clinical development of the company's tACPA antibodies, inhibitors of neutrophil extracellular traps and their formation.
Karuna Therapeutics Inc., of Boston, said it closed its IPO of about 6.4 million shares, which includes the full exercise of the underwriters' overallotment of 836,718 shares, priced at $16 per share. Gross proceeds were about $102.6 million.
Logicbio Therapeutics Inc., of Cambridge, Mass., closed a $20 million secured debt facility with Oxford Finance LLC and Horizon Technology Finance Corp. Under the terms, the two will provide up to $20 million of borrowing capacity to Logicbio in two equal tranches, with $10 million at closing and $10 million following enrollment of the first patient in a phase I/II trial of LB-001 in methylmalonic acidemia. The genome editing company said its current cash and equivalents, including the $10 million of loan proceeds received, are projected to fund planned operations into 2021.
Scholar Rock Holding Corp., of Cambridge, Mass., said underwriters of its public offering exercised in full their option to purchase an additional 450,000 shares at the offering price of $15 per share, resulting in additional gross proceeds of about $6.75 million, bringing total gross proceeds from the offering to about $51.75 million. Proceeds will be used to fund the SRK-015 program in spinal muscular atrophy, the SRK-181 program in cancers resistant to checkpoint blockade therapies, preclinical activities for other pipeline programs, and working capital and other general corporate purposes.