KalVista Pharmaceuticals announced that it has entered into a subscription agreement with institutional investors to sell, in a registered direct offering, an aggregate of 9.484 million shares of common stock at a price of $6.00 per share and 182,470 prefunded warrants at a price of $5.999 for total gross proceeds of approximately $58 million, before deducting estimated offering expenses. The offering is expected to close on December 28, 2022, subject to the satisfaction of customary closing conditions. The Company intends to use the proceeds of this $58 million offering to fund clinical trials, commercial sales development, research, working capital, capital expenditures and other general corporate purposes. With the financing, combined with the Company’s existing cash balance and anticipated receipts as of October 31, 2022, KalVista now expects to be able to fund operations into 2025.
Published first on TheFly
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