Unicycive Announces $50 Million Private Placement
March 14 2024 - 7:03AM
Unicycive Therapeutics, Inc. (Nasdaq: UNCY) (the “Company” or
“Unicycive”), a clinical-stage biotechnology company developing
therapies for patients with kidney disease, today announced that
the Company has entered into a securities purchase agreement with
certain healthcare-focused institutional investors for the sale of
50,000 shares of its Series B Convertible Preferred Stock at an
offering price of $1,000 per share. The gross proceeds of the
private placement are expected to be $50 million, before deducting
placement agent fees and other expenses. The private placement is
expected to close on March 18, 2024, subject to the satisfaction of
customary closing conditions.
The financing is led by new investors Octagon Capital and Great
Point Partners, LLC, with participation from new and existing
healthcare institutional investors including Logos Capital,
Nantahala Capital, SilverArc Capital, Velan Capital, Vivo Capital
and Walleye Capital.
Leerink Partners and Piper Sandler are acting as
placement agents for the private placement.
“This financing provides strong validation of
the best-in-class potential for our clinical development programs
led by Oxylanthanum Carbonate (OLC). We believe this funding
provides the capital to take OLC through the approval process and
plan for commercial launch as we look to provide a potential new
treatment option for kidney disease patients on dialysis,” said
Shalabh Gupta, M.D., Chief Executive Officer of Unicycive.
About the Private Placement
Pursuant to the securities purchase agreement,
the Company will issue to purchasers $50 million in shares of the
Company’s Series B Convertible Preferred Stock.
Shares of Series B Convertible Preferred Stock
will be issued at a price of $1,000.00 per share. All of the shares
of Series B Convertible Preferred Stock, and the securities
underlying such shares of Series B Convertible Preferred Stock, are
being offered by Unicycive.
Proceeds from the private placement will be used
to support the advancement of the Company’s clinical development
pipeline and general working capital. Unicycive’s pipeline is led
by Oxylanthanum Carbonate (OLC) which is currently in an ongoing
pivotal trial. Once complete, the Company expects to submit a New
Drug Application (NDA) with the U.S. Food and Drug Administration
(FDA) for approval of OLC for the treatment of hyperphosphatemia in
the U.S. and, if approved, plans to commercially launch OLC in the
U.S.
The securities to be issued in connection with
the private placement described above are being offered in a
private placement under Section 4(a)(2) of the Securities Act of
1933, as amended (the “Act”), and Regulation D promulgated
thereunder and have not been registered under the Act or applicable
state securities laws. Accordingly, such securities may not be
offered or sold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Act and such applicable state
securities laws. Unicycive has agreed to file a registration
statement with the Securities and Exchange Commission registering
the resale of the shares of common stock issued in this private
placement.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described herein, 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 under the securities laws of any such state or other
jurisdiction.
For further information, please see the
Company’s current report on Form 8-K to be filed with the
Securities and Exchange Commission.
About Unicycive
Therapeutics
Unicycive Therapeutics is a biotechnology
company developing novel treatments for kidney diseases.
Unicycive’s lead drug, oxylanthanum carbonate (OLC), is a novel
investigational phosphate-binding agent being developed for the
treatment of hyperphosphatemia in chronic kidney disease patients
on dialysis. UNI-494 is a patent-protected new chemical entity in
clinical development for the treatment of conditions related to
acute kidney injury. For more information, please visit
Unicycive.com and follow us on LinkedIn and YouTube.
Forward-Looking Statements
Certain statements in this press release are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements may be identified
using words such as “anticipate,” “believe,” “forecast,”
“estimated” and “intend” or other similar terms or expressions that
concern Unicycive's expectations, strategy, plans or intentions.
Such forward-looking statements include, but are not limited to,
statements regarding management’s beliefs regarding the use of
proceeds of the private placement and the timing, size and
completion of the private placement. These forward-looking
statements are based on Unicycive's current expectations and actual
results could differ materially. There are several factors that
could cause actual events to differ materially from those indicated
by such forward-looking statements. These factors include, but are
not limited to, clinical trials involve a lengthy and expensive
process with an uncertain outcome, and results of earlier studies
and trials may not be predictive of future trial results; our
clinical trials may be suspended or discontinued due to unexpected
side effects or other safety risks that could preclude approval of
our product candidates; risks related to business interruptions,
including the outbreak of COVID-19 coronavirus, which could
seriously harm our financial condition and increase our costs and
expenses; dependence on key personnel; substantial competition;
uncertainties of patent protection and litigation; dependence upon
third parties; and risks related to failure to obtain FDA
clearances or approvals and noncompliance with FDA regulations.
Actual results may differ materially from those indicated by such
forward-looking statements as a result of various important
factors, including: the uncertainties related to market conditions
and other factors described more fully in the section entitled
‘Risk Factors’ in Unicycive’s Annual Report on Form 10-K for the
year ended December 31, 2022, and other periodic reports filed with
the Securities and Exchange Commission. Any forward-looking
statements contained in this press release speak only as of the
date hereof, and Unicycive specifically disclaims any obligation to
update any forward-looking statement, whether as a result of new
information, future events or otherwise.
Investor Contact:
ir@unicycive.com(650) 900-5470
SOURCE: Unicycive Therapeutics, Inc.
Unicycive Therapeutics (NASDAQ:UNCY)
Historical Stock Chart
From May 2024 to Jun 2024
Unicycive Therapeutics (NASDAQ:UNCY)
Historical Stock Chart
From Jun 2023 to Jun 2024