Funds to develop, advance product candidates and fund working capital
By Devika Patel
Knoxville, Tenn., Oct. 1 - KaloBios Pharmaceuticals, Inc. said the underwriters for its public sale of stock opted to exercise the deal's $4.5 million greenshoe in full for total proceeds of $34.5 million. The deal was announced Sept. 23 and priced for $30 million with the greenshoe on Sept. 25.
The company sold 8,625,000 common shares at $4.00 per share. The price per share is a 26.74% discount to the Sept. 5 closing share price of $5.46. Of the shares, 1,125,000 were part of the fully exercised greenshoe.
Leerink Swann LLC was the bookrunning manager.
The company will use the proceeds to develop and advance product candidates through clinical trials as well as for working capital and general corporate purposes.
The biopharmaceutical company is based in San Francisco.
| Issuer: | KaloBios Pharmaceuticals, Inc.
|
| Issue: | Common stock
|
| Amount: | $34.5 million (including $4.5 million greenshoe)
|
| Shares: | 8,625,000
|
| Price: | $4.00
|
| Warrants: | No
|
| Bookrunner: | Leerink Swann LLC
|
| Co-managers: | William Blair & Co., LLC, Needham & Co. LLC and JMP Securities LLC
|
| Announcement date: | Sept. 23
|
| Pricing date: | Sept. 25
|
| Settlement date: | Oct. 1
|
| Stock symbol: | Nasdaq: KBIO
|
| Stock price: | $5.46 at close Sept. 24
|
| Market capitalization: | $113.34 million
|
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