Cidara Therapeutics Shares Surge 26% on $105 Mln Private Placement

Dow Jones11-21

By Denny Jacob

Cidara Therapeutics shares surged 26% in premarket trading after entering a securities purchase agreement with select investors that will raise up to $105 million in gross proceeds.

Shares on Thursday were trading around $19. The stock is down 4.8% on the year.

The biotechnology company will issue about 3.9 million shares of its common stock at a purchase price of $14.912 a share. Certain investors are purchasing pre-funded warrants.

The private placement is expected to close on or about Nov. 25.

Cidara intends to use the proceeds to fund research and development of product candidates, working capital and general corporate purposes.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

November 21, 2024 09:13 ET (14:13 GMT)

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