Business
Unicycive Announces $50 Million Private Placement
Led by new investors Octagon Capital and Great Point Partners, LLC, with participation from new and existing investors including Logos Capital, Nantahala
About this update from Unicycive Therapeutics, Inc.
[{"type":"text","content":"Led by new investors Octagon Capital and Great Point Partners, LLC, with participation from new and existing investors including Logos Capital, Nantahala Capital, SilverArc Capital, Velan Capital, Vivo Capital and Walleye Capital\nLOS ALTOS, Calif., March 14, 2024 (GLOBE NEWSWIRE) -- 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....