Cabaletta Bio Announces $35 Million Offering
December 08 2022 - 07:00AM
GlobeNewswire Inc.
Cabaletta Bio, Inc. (“Cabaletta” or the “Company”) (Nasdaq: CABA),
a clinical-stage biotechnology company focused on developing and
launching the first curative targeted cell therapies for patients
with autoimmune diseases, today announced that it has agreed to
sell, by way of an underwritten public offering, pre-funded
warrants, in lieu of common stock, to purchase 6,213,776 shares of
common stock at a price of $5.51999 per pre-funded warrant and
126,815 shares of its common stock at a price of $5.52 per share,
for expected aggregate gross proceeds of approximately $35 million,
before deducting underwriting discounts and commissions and other
estimated offering expenses. The purchase price per share of each
pre-funded warrant represents the per share public offering price
for the common stock, minus the $0.00001 per share exercise price
of such pre-funded warrant. The offering is expected to close on
December 12, 2022, subject to customary closing conditions. All of
the securities are being offered by Cabaletta.
The oversubscribed offering involved participation from new and
existing investors, including Venrock Healthcare Capital Partners,
Adage Capital Partners LP, Cormorant Asset Management and an
undisclosed life sciences-focused investment fund, among
others.
Cowen and Company, LLC and Evercore Group L.L.C. are acting as
joint book-running managers for the offering.
Cabaletta intends to use the net proceeds from the offering,
together with existing cash and cash equivalents, to fund the
completion of preclinical development and the Investigational New
Drug (“IND”) application submission for CABA-201, the initial
clinical development of CABA-201 in multiple indications and the
ongoing clinical studies for its DSG3-CAART and MuSK-CAART product
candidates, as well as for working capital and general corporate
purposes.
The public offering is being made pursuant to a registration
statement on Form S-3 previously filed with the Securities and
Exchange Commission (“SEC”), which became effective on November 18,
2020. A prospectus supplement and accompanying prospectus relating
to the offering will be filed with the SEC and will be available on
the SEC’s website located at www.sec.gov. Copies of the prospectus
supplement and accompanying prospectus relating to this offering,
when available, may be obtained from Cowen and Company, LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, Attn: Prospectus Department, by phone at (833) 297-2926,
or by email at PostSaleManualRequests@broadridge.com or Evercore
Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd
Street, 35th Floor, New York, New York 10055; by telephone at (888)
474-0200, or by email at ecm.prospectus@evercore.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification of these securities under the
securities laws of any such state or other jurisdiction.
About Cabaletta Bio
Cabaletta Bio (Nasdaq: CABA) is a clinical-stage biotechnology
company focused on the discovery and development of engineered T
cell therapies that have the potential to provide a deep and
durable, perhaps curative, treatment for patients with autoimmune
diseases. The CABA™ platform – encompassing chimeric antigen
receptor T cells for autoimmunity (CARTA: CABA-201, a
4-1BB-containing CD19-CAR T) and Cabaletta Bio’s proprietary
chimeric autoantibody receptor T cells (CAART: multiple candidates
including DSG3-CAART for mucosal pemphigus vulgaris, MuSK-CAART for
MuSK myasthenia gravis) – provides multiple opportunities to treat
broad and challenging autoimmune diseases. Cabaletta Bio’s
headquarters are located in Philadelphia, PA.
Forward-Looking Statements
This press release contains “forward-looking statements” of
Cabaletta Bio within the meaning of the Private Securities
Litigation Reform Act of 1995, as amended, including without
limitation, express or implied statements regarding expectations
regarding: the expected timing for the closing of the public
offering and the anticipated use of proceeds from the public
offering; the company’s business plans and objectives; the timing
of its planned submission of an IND for CABA-201 to the U.S. Food
and Drug Administration and generation of initial clinical data for
CABA-201; statements regarding regulatory filings for its
development programs, including the planned timing of such
regulatory filings and potential review by such regulatory
authorities; the progress and results of its DesCAARTes™ and
MusCAARTes™ Phase 1 trials, including Cabaletta’s ability to enroll
the requisite number of patients, dose each dosing cohort in the
intended manner, and progress each trial; the ability to accelerate
Cabaletta’s pipeline and develop meaningful therapies for patients,
including in collaboration with academic and industry partners and
the ability to optimize such collaborations on its development
programs; and use of capital, expenses, future accumulated deficit
and other financial results in the future.
Any forward-looking statements in this press release are based
on management’s current expectations and beliefs of future events,
and are subject to a number of risks and uncertainties that could
cause actual results to differ materially and adversely from those
set forth in or implied by such forward-looking statements. These
risks and uncertainties include, but are not limited to: the
completion of the public offering on the anticipated terms, or at
all; Cabaletta’s ability to demonstrate sufficient evidence of
safety, efficacy and tolerability in its preclinical studies and
clinical trials of DSG3-CAART, MuSK-CAART and CABA-201 and progress
as expected; risks related to unexpected safety or efficacy data
observed during clinical studies; risks related to volatile market
and economic conditions; risks related to the impact of public
health epidemics affecting countries or regions in which Cabaletta
has operations or does business, such as COVID-19; risks related to
fostering and maintaining successful relationships with Cabaletta’s
collaboration and manufacturing partners; uncertainties related to
the initiation and conduct of studies and other development
requirements for its product candidates; the risk that any one or
more of Cabaletta’s product candidates will not be successfully
developed and/or commercialized; and the risk that the initial or
interim results of preclinical studies or clinical studies will not
be predictive of future results in connection with future studies.
For a discussion of these and other risks and uncertainties, and
other important factors, any of which could cause Cabaletta’s
actual results to differ from those contained in the
forward-looking statements, see the section entitled “Risk Factors”
in Cabaletta’s most recent annual report on Form 10-K and quarterly
report on Form 10-Q as well as discussions of potential risks,
uncertainties, and other important factors in Cabaletta’s other
filings with the Securities and Exchange Commission. All
information in this press release is as of the date of the release,
and Cabaletta undertakes no duty to update this information unless
required by law.
Contacts
Anup MardaChief Financial Officerinvestors@cabalettabio.com
Sarah McCabeStern Investor Relations,
Inc.212-362-1200sarah.mccabe@sternir.com
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