Current Report Filing (8-k)
July 13 2017 - 5:29PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 13, 2017
KALVISTA PHARMACEUTICALS, INC.
(Exact Name of Registrant as Specified in its Charter)
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Delaware
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001-36830
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20-0915291
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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One Kendall Square
Bld 200, Ste 2203
Cambridge, MA 02139
(Address of Principal Executive Offices) (Zip Code)
(857) 999-0075
(Registrants telephone number, including area code)
Not Applicable
(Former
name or former address, if changed since last report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Item 1.01.
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Entry into a Material Definitive Agreement.
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On July 13, 2017, KalVista Pharmaceuticals, Inc.
(KalVista) entered into an At-The-Market Sales Agreement (the Sales Agreement) with BTIG, LLC (BTIG), as agent, pursuant to which KalVista may offer and sell, from time to time through BTIG, shares of its common
stock, par value $0.001 per share (the Shares). The offer and sale of the Shares will be made pursuant to a shelf registration statement on Form S-3 and the related prospectus (File No. 333-217009) filed by KalVista with
the Securities and Exchange Commission (the SEC) on March 29, 2017, amended on April 27, 2017 and declared effective by the SEC on April 28, 2017, as supplemented by a prospectus supplement dated
July 13, 2017 and filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the Securities Act), for an aggregate offering price of up to $6.0 million.
Upon delivery of a placement notice, and subject to the Companys instructions in that notice, and the terms and conditions of the Sales Agreement
generally, BTIG may sell the Shares by any method permitted by law deemed to be an at the market offering as defined by Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, including sales made directly on or through
The NASDAQ Global Market or any other existing trading market for our common stock, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices and/or any other method permitted by
law. KalVista may instruct BTIG not to sell Shares if the sales cannot be effected at or above the price designated by KalVista from time to time and KalVista is not obligated to make any sales of the Shares under the Sales Agreement. The offer
and sale of the Shares pursuant to the Sales Agreement will terminate upon the termination of the Sales Agreement by BTIG or KalVista pursuant to the terms thereof.
KalVista will pay BTIG commissions for its services in acting as agent in the sale of the Shares pursuant to the Sales Agreement. BTIG will be entitled to
compensation at a fixed commission rate of 3.0% of the gross proceeds from the sale of the Shares pursuant to the Sales Agreement. KalVista has agreed to provide BTIG with customary indemnification and contribution rights, including for liabilities
under the Securities Act. KalVista also will reimburse BTIG for certain specified expenses in connection with entering into the Sales Agreement. The Sales Agreement contains customary representations and warranties and conditions to the
placements of the Shares pursuant thereto.
The foregoing description of the Sales Agreement does not purport to be complete and is qualified in its
entirety by reference to the full text of the Sales Agreement. A copy of the Sales Agreement is filed with this Current Report on Form 8-K as Exhibit 1.1 and is incorporated herein by reference.
A copy of the opinion of Fenwick & West LLP, relating to the validity of the Shares to be issued pursuant to the Sales Agreement, is filed with this
Current Report on Form 8-K report as Exhibit 5.1.
This Current Report on Form 8-K shall not constitute an offer to sell or the
solicitation of an offer to buy the Shares, nor shall there be any offer, solicitation, or sale of our common stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of any such state.
Item 9.01.
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Financial Statements and Exhibits.
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(d) Exhibits.
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Exhibit
Number
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Description of Exhibit
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1.1
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At-The-Market Sales Agreement dated July 13, 2017
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5.1
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Opinion of Fenwick & West LLP
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23.1
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Consent of Fenwick & West LLP (contained in Exhibit 5.1)
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Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other
federal securities laws. Any statements contained herein that do not describe historical facts, including, but not limited to, statements regarding the expected aggregate offering size, are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Such risks and uncertainties include, among others, the risks identified in KalVistas filings with the SEC, including
its Quarterly Report on Form 10-Q for the quarterly period ended January 31, 2017, filed with the SEC on March 16, 2017, the prospectus supplement related to the offer and sale of Shares, and subsequent filings with the SEC. Any of these
risks and uncertainties could materially and adversely affect KalVistas results of operations, which would, in turn, have a significant and adverse impact on KalVistas stock price. KalVista cautions you not to place undue reliance on any
forward-looking statements, which speak only as of the date they are made. KalVista undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made or to
reflect the occurrence of unanticipated events.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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KALVISTA PHARMACEUTICALS, INC.
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By:
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/s/ Benjamin L. Palleiko
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Name:
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Benjamin L. Palleiko
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Title:
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Chief Financial Officer
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Date: July 13, 2017
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