KalVista Pharmaceuticals announces $58M registered direct offering

KalVista Pharmaceuticals, Inc., a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of oral, small molecule protease inhibitors, today announced that it has entered into a subscription agreement with institutional investors to sell, in a registered direct offering, an aggregate of 9.484 million shares of common stock at a price of $6.00 per share and 182,470 prefunded warrants at a price of $5.999 for total gross proceeds of approximately $58 million, before deducting estimated offering expenses. The offering is expected to close on December 28, 2022, subject to the satisfaction of customary closing conditions. The Company intends to use the proceeds of this $58 million offering to fund clinical trials, commercial sales development, research, working capital, capital expenditures and other general corporate purposes. With the financing, combined with the Company’s existing cash balance and anticipated receipts as of October 31, 2022, KalVista now expects to be able to fund operations into 2025.

The shares of common stock and pre-funded warrants were offered pursuant to a shelf registration statement on Form S-3 (File No. 333-256378) that was filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 21, 2021 and declared effective on June 1, 2021. A prospectus supplement related to the shares will be filed with the SEC and will be available on the SEC’s website at www.sec.gov.

Before investing in this offering, interested parties should read the prospectus supplement, the accompanying prospectus and the other documents that are incorporated by reference in such prospectus supplement and the accompanying prospectus in their entirety, which provide more information about KalVista and the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy 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. Business Wire