Kadmon Holdings, Inc. (NYSE:KDMN) today announced the
closing of its previously announced offerings of common stock for
gross proceeds of approximately $113.2 million, which includes the
full exercise of the underwriters’ option to purchase additional
shares.
Proceeds from the offerings will be used for preclinical and
clinical development of Kadmon’s lead product candidates,
discovery, research and preclinical studies of its other product
candidates and for other general corporate purposes.
“This financing is a testament to the significant potential of
KD025 in cGVHD and provides the resources that we believe will
allow us to pursue regulatory approval in this indication,” said
Harlan W. Waksal, M.D., President and CEO at Kadmon. “In parallel,
we will continue to advance our preclinical programs as part of our
goal to help patients with unmet medical needs.”
Closing occurred with respect to a total of 32,022,728 shares of
common stock, including the full exercise of the underwriters’
option to purchase additional shares, at an offering price of $3.30
per share (the “Offerings”). The Offerings consisted of an
underwritten offering (the “Underwritten Offering”) and a
registered direct offering (the “Direct Offering”) to certain
institutional investors. The closing of the remaining 2,280,302
shares of common stock in the Direct Offering is expected to occur
on or about June 26, 2018.
“The continued support of our top-tier investors, including Vivo
Capital, Perceptive Advisors and Acuta Capital, complemented by the
participation of new groups such as Invesco, Venrock Healthcare
Capital Partners, EcoR1 Capital and others, provides Kadmon with a
strong investor base that recognizes the value of our scientific
and clinical progress,” said Konstantin Poukalov, CFO at
Kadmon.
Jefferies LLC acted as the sole book-running manager for the
Underwritten Offering. H.C. Wainwright & Co., LLC acted as the
lead manager for the Underwritten Offering.
The securities described above were offered pursuant to a shelf
registration statement on Form S-3 that was declared effective by
the Securities and Exchange Commission (the “SEC”) on January 10,
2018. The Offerings were conducted only by means of a written
prospectus and prospectus supplement that form a part of the
registration statement. A final prospectus supplement and
accompanying prospectus relating to the Offerings have been filed
with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the final prospectus
supplement and the accompanying prospectus relating to the
Underwritten Offering may also be obtained by request at Jefferies
LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877)
821-7388, or by email at Prospectus_Department@Jefferies.com.
This news release is for informational purposes only and shall
not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities, in any state
or jurisdiction in which such offer, solicitation, or sale of these
securities would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.
About Kadmon Holdings, Inc.
Kadmon Holdings, Inc. is a fully integrated biopharmaceutical
company developing innovative products for significant unmet
medical needs. Our product pipeline is focused on inflammatory and
fibrotic diseases.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended, including, without limitation,
statements regarding the closing of the Offerings and the
anticipated use of proceeds of the Offerings. Such statements may
be preceded by the words “may,” “will,” “should,” “expects,”
“plans,” “anticipates,” “could,” “intends,” “targets,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “potential” or
“continue” or the negative of these terms or other similar
expressions. Forward-looking statements involve known and unknown
risks, uncertainties and other important factors that may cause our
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. We believe
that these factors also include, but are not limited to, (i) the
initiation, timing, progress and results of our preclinical studies
and clinical trials, and our research and development programs;
(ii) our ability to advance product candidates into, and
successfully complete, clinical trials; (iii) our reliance on the
success of our product candidates; (iv) the timing or likelihood of
regulatory filings and approvals; (v) our ability to expand our
sales and marketing capabilities; (vi) the commercialization of our
product candidates, if approved; (vii)the pricing and reimbursement
of our product candidates, if approved; (viii) the implementation
of our business model, strategic plans for our business, product
candidates and technology; (ix) the scope of protection we are able
to establish and maintain for intellectual property rights covering
our product candidates and technology; (x) our ability to operate
our business without infringing the intellectual property rights
and proprietary technology of third parties; (xi) costs associated
with defending intellectual property infringement, product
liability and other claims; (xii) regulatory developments in the
United States, Europe and other jurisdictions; (xiii) estimates of
our expenses, future revenues, capital requirements and our needs
for additional financing; (xiv) the potential benefits of strategic
collaboration agreements and our ability to enter into strategic
arrangements; (xv) our ability to maintain and establish
collaborations or obtain additional grant funding; (xvi) the rate
and degree of market acceptance of our product candidates; (xvii)
developments relating to our competitors and our industry,
including competing therapies; (xviii) our ability to effectively
manage our anticipated growth; (xix) our ability to attract and
retain qualified employees and key personnel; (xx) our ability to
achieve cost savings and other benefits from our efforts to
streamline our operations and to not harm our business with such
efforts; (xxi) our expectations regarding the period during which
we qualify as an emerging growth company under the JOBS Act; (xxii)
statements regarding future revenue, hiring plans, expenses,
capital expenditures, capital requirements and share performance;
(xxiii) litigation, including costs associated with prosecuting or
defending pending or threatened claims and any adverse outcomes or
settlements, whether or not covered by insurance; (xxiv) the use of
proceeds from the Offerings; (xxv) the potential benefits of any of
our product candidates being granted orphan drug designation;
(xxvi) the future trading price of the shares of our common stock
and impact of securities analysts’ reports on these prices; and/or
(xxvii) other risks and uncertainties. More detailed information
about Kadmon and the risk factors that may affect the realization
of forward-looking statements is set forth in the Company's filings
with the U.S. Securities and Exchange Commission (“SEC”), including
the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2017 and Quarterly Report on Form 10-Q for the quarter
ended March 31, 2018, filed pursuant to Section 13 of the
Securities Exchange Act of 1934, as amended, with the SEC.
Investors and security holders are urged to read these documents
free of charge on the SEC's web site at www.sec.gov. The Company
assumes no obligation to publicly update or revise its
forward-looking statements as a result of new information, future
events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20180614006179/en/
Kadmon Holdings, Inc.Ellen Tremaine, 646-490-2989Investor
Relationsellen.tremaine@kadmon.com
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