Business
ProKidney Announces the Closing of $140 Million Public Offering of Class A Ordinary Shares and Concurrent Registered Direct Offering, Including Exercise of Underwriters’ Option
WINSTON-SALEM, N.C., June 17, 2024 (GLOBE NEWSWIRE) -- ProKidney Corp. (Nasdaq: PROK) (“ProKidney” or the “Company”), a leading late clinical-stage cellular
About this update from Prokidney Corp.
[{"type":"text","content":"WINSTON-SALEM, N.C., June 17, 2024 (GLOBE NEWSWIRE) -- ProKidney Corp. (Nasdaq: PROK) (“ProKidney” or the “Company”), a leading late clinical-stage cellular therapeutics company focused on chronic kidney disease, today announced that it has closed its SEC-registered underwritten public offering and concurrent registered direct offering. ProKidney sold 46,886,452 Class A ordinary shares to the public in the public offering, which includes 4,142,232 Class A ordinary shares pursuant to the exercise of the underwriters’ option to purchase additional shares, at a price of $2.42 per share, before applicable underwriting discounts and commissions. ProKidney sold 11,030,574 Class A ordinary shares to certain investment entities at a price of $2.42 per share in the concurrent registered direct offering pursuant to share purchase agreements. ProKidney currently intends to use the net proceeds from the underwritten public offering and the concurrent registered direct offering for clinical trial costs and other research and development expenses, continued investment in its drug development platform, for its pre-commercial and commercial activities, including its commercial manufacturing facility, and for other general corporate purposes, including for working capital, capital expenditures and general and administrative expenses. “We are thrilled to announce the closing of our upsized public offering and concurrent registered direct offering,” said Bruce Culleton, M.D., Chief Executive Officer. “The proceeds extend our cash runway to mid-2026 and through the expected full enrollment of both PROACT 1 and PROACT 2 Phase 3 studies. This financing is another important step in our journey to develop rilparencel for patients with advanced chronic kidney disease.” Jefferies, J.P. Morgan and Guggenheim Securities acted as the joint book-running managers and PJT Partners acted as a co-manager in the underwritten public offering. PJT Partners also acted as a financial advisor to the Company in connection with the offerings. A shelf registration statement relating to the Class A ordinary shares was filed with the Securities and Exchange Commission and was declared effective on November 30, 2023 (File No. 333-275701). A preliminary prospectus supplement, a final prospectus supplement and the accompanying prospectus relating to the underwritten public of...