NEW YORK--(BUSINESS WIRE)--Kadmon Holdings, Inc. (NYSE:KDMN) today announced the closing of its previously announced offerings of common stock for gross proceeds of approximately $113.2 million, which includes the full exercise of the underwriters’ option to purchase additional shares.
Proceeds from the offerings will be used for preclinical and clinical development of Kadmon’s lead product candidates, discovery, research and preclinical studies of its other product candidates and for other general corporate purposes.
“This financing is a testament to the significant potential of KD025 in cGVHD and provides the resources that we believe will allow us to pursue regulatory approval in this indication,” said Harlan W. Waksal, M.D., President and CEO at Kadmon. “In parallel, we will continue to advance our preclinical programs as part of our goal to help patients with unmet medical needs.”
Closing occurred with respect to a total of 32,022,728 shares of common stock, including the full exercise of the underwriters’ option to purchase additional shares, at an offering price of $3.30 per share (the “Offerings”). The Offerings consisted of an underwritten offering (the “Underwritten Offering”) and a registered direct offering (the “Direct Offering”) to certain institutional investors. The closing of the remaining 2,280,302 shares of common stock in the Direct Offering is expected to occur on or about June 26, 2018.
“The continued support of our top-tier investors, including Vivo Capital, Perceptive Advisors and Acuta Capital, complemented by the participation of new groups such as Invesco, Venrock Healthcare Capital Partners, EcoR1 Capital and others, provides Kadmon with a strong investor base that recognizes the value of our scientific and clinical progress,” said Konstantin Poukalov, CFO at Kadmon.
Jefferies LLC acted as the sole book-running manager for the Underwritten Offering. H.C. Wainwright & Co., LLC acted as the lead manager for the Underwritten Offering.
About Kadmon Holdings, Inc.
Kadmon Holdings, Inc. is a fully integrated biopharmaceutical company developing innovative products for significant unmet medical needs. Our product pipeline is focused on inflammatory and fibrotic diseases.
