KalVista Pharmaceuticals (NASDAQ:KALV) priced an underwritten public offering of ~7M shares at a price to the public of $15.25 per share and pre-funded warrants to purchase ~3.48M shares of stock in lieu of KalVista common stock to certain investors.
The gross proceeds are expected to be ~$160.1M.
Underwriters have a 30-day option to purchase up to an additional ~1.57M shares.
The offering is expected to close on or about February 20, 2024.
Net proceeds will be used for continued clinical development of its product candidate sebetralstat and activities related to its planned commercialization following approval, as well as continued preclinical activities for its oral Factor XIIa inhibitor program, remainder, if any, will be used for general corporate purposes.
The stock price traded 16.2% higher on Thursday during pre-market hours of trading.