Unicycive Shares Climb on $50 Million Private Placement

Dow Jones03-14

By Dean Seal

Shares of Unicycive Therapeutics jumped after the company disclosed a $50 million private placement of its preferred stock.

The stock was up 14% at $1.58 in early trading. Shares have gained 85% year-to-date.

The Los Altos, Calif.-based biotechnology company said Thursday morning that it has agreed to sell certain healthcare-focused institutional investors 50,000 shares of Series B Convertible Preferred Stock for $1,000 apiece.

The financing is led by new investors Octagon Capital and Great Point Partners with participation from several other new and existing investors.

The private placement is expected to close March 18.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

March 14, 2024 10:06 ET (14:06 GMT)

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