Bellerophon Therapeutics Inc., of Warren, N.J., said it closed its public offering and concurrent registered direct offering for gross proceeds of approximately $43.7 million, which includes the full exercise of the underwriters’ option to purchase additional shares. A total of 3.36 million shares were issued at $13 each. The company intends to use the net proceeds, together with its current cash and cash equivalents, for funding its ongoing clinical trials, working capital needs and other general corporate purposes.
Calcimedica Inc., of La Jolla, Calif., said it raised $15 million in a series C financing round led by Valence Life Sciences LLC, with participation from new investors Bering Capital, Mesa Verde Venture Partners and existing investor Sanderling Ventures. The funds will be used to support ongoing clinical trials evaluating its CRAC channel inhibitor, Auxora (formerly CM4620-IE), in patients with COVID-19 pneumonia requiring oxygen therapy and accelerating commercial manufacturing for the drug. The company said CRAC channel overactivation can cause pulmonary endothelial damage and cytokine storm in COVID-19. The firm’s ongoing clinical study is evaluating patients with severe COVID-19 pneumonia on low-flow oxygen therapy in one study arm and patients with critical COVID-19 pneumonia on high-flow oxygen therapy in a second study arm. After a strong recommendation from the FDA, the severe arm of the study is shifting to a blinded, placebo-controlled design, with patients randomized 1-to-1 to receive Auxora plus standard of care or standard of care alone.
Contrafect Corp., of Yonkers, N.Y., said it priced its underwritten public offering of 11.79 million shares of its common stock and related warrants to purchase 8.84 million shares of common stock with an exercise price of $4.90 per share. The gross proceeds will be approximately $52.5 million. The company intends to use the net proceeds to continue funding its phase III DISRUPT trial of exebacase (CF-301) in Staphylococcus aureus bacteremia, including right-sided endocarditis; to fund advancement of its portfolio, including IND-enabling activities for CF-370, an engineered gram-negative lysin directly targeting highly-resistant Pseudomonas aeruginosa; and for working capital and other general corporate purposes. Shares of Contrafect (NASDAQ:CFRX) closed May 22 at $5.45, up 6 cents.
Dynavax Technologies Corp., of Emeryville, Calif., said it priced its underwritten public offering of 14 million shares at $5 each, with gross proceeds expected to be approximately $70 million. In addition, the underwriters have been granted a 30-day option to purchase up to an additional 2.1 million shares. The company expects to use the net proceeds to fund activities associated with the ongoing commercialization of Heplisav-B (hepatitis B vaccine [recombinant], adjuvanted), to advance its CpG 1018 vaccine platform, including any scale-up efforts in support of a potential COVID-19 vaccine by Dynavax and its collaborators, and for general corporate purposes, including working capital. Shares of Dynavax (NASDAQ:DVAX) closed May 22 at $5.13, down 53 cents.
Geron Corp., of Menlo Park, Calif., said it priced its public offering of about 107 million shares and prefunded warrants to purchase 8.3 million shares, together with accompanying warrants to purchase about 57.7 million shares of common stock. The common stock and prefunded warrants will be sold in combination with an accompanying warrant to purchase 0.5 of a share of common stock issued for each share of common stock or prefunded warrant sold. The combined offering price to the public of each share of common stock and accompanying warrant is $1.30. The combined offering price to the public of each prefunded warrant and accompanying warrant is $1.299. Gross proceeds are expected to be about $150 million and will be used to fund the ongoing IMerge phase III trial in lower-risk myelodysplastic syndromes to top-line results, its planned phase III trial in refractory myelofibrosis to complete patient enrollment, and for working capital and general corporate purposes. Stifel and MTS Health Partners are acting as joint book-running managers. Needham & Co., BTIG and H.C. Wainwright & Co are acting as co-managers for the offering, expected to close on or about May 27. Shares of Geron (NASDAQ:GERN) closed May 22 at $1.84, down 12 cents.
Hoth Therapeutics Inc., of New York, priced a public offering of about 1.8 million shares at $2.75 apiece and granted underwriters a 45-day option to purchase up to an additional 272,727 shares of common stock. Gross proceeds are expected to be about $5 million. The offering is set to close on or about May 27. The Benchmark Co. is acting as sole book-running manager. Shares of Hoth (NASDAQ:HOTH) closed May 22 at $2.80, down 37 cents.
Jaguar Health Inc., of San Francisco, said it entered agreements with several institutional and accredited investors wherein the investors agreed to exercise certain outstanding warrants to purchase an aggregate of up to about 9.1 million shares of common stock for gross proceeds of about $4.45 million. Those warrants were previously issued in a bridge financing to and as part of Jaguar's public offering which closed in July 2019. Ladenburg Thalmann & Co. Inc. is acting as the exclusive solicitation agent for the transaction.
Molecular Templates Inc., of Austin, Texas, said it secured a debt financing facility for up to $45 million from K2 Healthventures, a health care-focused specialty finance company. The company received a first tranche of $15 million upon closing, a portion of which has been used to repay the remaining indebtedness that was outstanding under its prior credit facility. Two subsequent tranches totaling up to $30 million will become available, at its option, upon the achievement of certain milestones with respect to the second tranche and, subject to lender consent and certain additional conditions with respect to the third tranche.
Seneca Biopharma Inc., of Germantown, Md., said it entered definitive agreements with several institutional and accredited investors for the purchase and sale of 5 million shares of common stock, at a purchase price of $1 per share, in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about May 27. Gross proceeds are expected to be about $5 million, and will be used for general working capital. H.C. Wainwright & Co. is acting as the exclusive placement agent.
Sinovac Biotech Ltd., of Beijing, disclosed a transaction in which Advantech Capital and Vivo Capital have invested $15 million in Sinovac Research and Development Co. Ltd., a wholly owned subsidiary of Sinovac, to further the development of an inactivated vaccine against COVID-19 named Coronavac. The two investors each loaned $7.5 million in the form of a convertible loan that bears interest, or, at the investor’s election, converts into 7.5% of the total equity interest of Sinovac R&D.