KalVista Pharmaceuticals Announces Pricing of a $160.1 Million Public Offering of Common Stock and Pre-Funded Warrants
15 February 2024 - 10:30PM
Business Wire
KalVista Pharmaceuticals, Inc. (Nasdaq: KALV) (“KalVista”) today
announced the pricing of its underwritten public offering of (i)
7,016,312 shares of its common stock at a price to the public of
$15.25 per share and (ii) pre-funded warrants to purchase 3,483,688
shares of common stock in lieu of KalVista common stock to certain
investors. The gross proceeds to KalVista from the offering, before
deducting underwriting discounts and commissions and other offering
expenses payable by KalVista, are expected to be $160.1 million. In
addition, KalVista has granted the underwriters a 30-day option to
purchase up to an additional 1,575,000 shares of common stock at
the public offering price, less underwriting discounts and
commissions. The pre-funded warrants will be immediately
exercisable, and may be exercised at any time after their original
issuance. The purchase price of each pre-funded warrant sold in
this offering will be equal to the price at which a share of common
stock is sold in the offering, minus $0.001, and the exercise price
of each pre-funded warrant will equal $0.001 per share.
All of the shares of common stock and pre-funded warrants are
being offered by KalVista. The offering is expected to close on or
about February 20, 2024, subject to the satisfaction of customary
closing conditions.
Jefferies, Leerink Partners, Stifel and Cantor are acting as the
joint book-running managers for the offering. Needham & Company
is acting as financial advisor to KalVista.
KalVista intends to use the net proceeds from this offering to
fund the 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.
The remainder of the net proceeds, if any, will be used for general
corporate purposes.
The public offering is being made pursuant to a shelf
registration statement (File No. 333-256378) on Form S-3 that was
filed by KalVista with the Securities and Exchange Commission
(“SEC”) on May 21, 2021 and declared effective by the SEC on June
1, 2021. A preliminary prospectus supplement and accompanying
prospectus relating to and describing the terms of the offering was
filed with the SEC and is available on the SEC’s website at
www.sec.gov. A copy of the final prospectus supplement relating to
the offering, when available, may be obtained by contacting
Jefferies LLC, Attention: Equity Syndicate Prospectus Department,
520 Madison Avenue, New York, New York 10022, by telephone at
877-821-7388 or by email at Prospectus_Department@Jefferies.com;
Leerink Partners LLC, Attention: Syndicate Department, 53 State
Street, 40th Floor, Boston, MA 02109, by telephone at 800-808-7525,
ext. 6132, or by email at syndicate@leerink.com; Stifel, Nicolaus
& Company, Incorporated, Attention: Syndicate, One Montgomery
Street, Suite 3700, San Francisco, CA 94104, by telephone at (415)
364-2720 or by email at syndprospectus@stifel.com; or Cantor
Fitzgerald & Co., Attention: Capital Markets, 110 East 59th
Street, 6th Floor, New York, NY 10022, or by e-mail at
prospectus@cantor.com. Electronic copies of the final prospectus
supplement and accompanying prospectus will also be available on
the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of KalVista, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About KalVista Pharmaceuticals, Inc.
KalVista Pharmaceuticals, Inc. is a pharmaceutical company
focused on the discovery, development, and commercialization of
oral, small molecule protease inhibitors for diseases with
significant unmet need. KalVista disclosed positive phase 3 data
for the KONFIDENT trial for its oral, on-demand therapy
sebetralstat in February 2024. KalVista anticipates submitting a
new drug application to the U.S. Food and Drug Administration for
sebetralstat in the first half of 2024 and expects to file for
approval in Europe and Japan later in 2024. In addition, KalVista’s
oral Factor XIIa inhibitor program represents a new generation of
therapies that may further improve the treatment for people living
with HAE and other diseases.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995 and other federal securities laws. Any statements contained
herein that do not describe historical facts, including, but not
limited to, statements regarding KalVista’s expectation of market
conditions and the satisfaction of customary closing conditions
related to the offering and sale of its securities, the expected
gross proceeds and timing of completion of the offering, the
expected use of proceeds and anticipated preclinical and clinical
development activities, the timing of clinical trials and
announcements of clinical results, and potential benefits of
KalVista’s product candidates are forward-looking statements that
involve risks and uncertainties that could cause actual results to
differ materially from those discussed in such forward-looking
statements. Such risks and uncertainties include, among others, the
risks identified in KalVista’s filings with the SEC, the prospectus
related to the offering, and subsequent filings with the SEC. Any
of these risks and uncertainties could materially and adversely
affect KalVista’s results of operations, which would, in turn, have
a significant and adverse impact on KalVista’s stock price.
KalVista cautions you not to place undue reliance on any
forward-looking statements, which speak only as of the date they
are made. Further information on potential risk factors that could
affect KalVista’s business and financial results are detailed in
KalVista’s filings with the SEC, including in KalVista’s annual
report on Form 10-K for the year ended April 30, 2023, quarterly
reports on Form 10-Q, and other reports made from time to time with
the SEC. KalVista undertakes no obligation to update publicly any
forward-looking statements to reflect new information, events or
circumstances after the date they were made or to reflect the
occurrence of unanticipated events.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240215102633/en/
KalVista Pharmaceuticals, Inc. Jarrod Aldom Vice
President, Corporate Communications (201) 705-0254
jarrod.aldom@kalvista.com
Ryan Baker Head, Investor Relations (617) 771-5001
ryan.baker@kalvista.com
KalVista Pharmaceuticals (NASDAQ:KALV)
Historical Stock Chart
From Apr 2024 to May 2024
KalVista Pharmaceuticals (NASDAQ:KALV)
Historical Stock Chart
From May 2023 to May 2024