Clinical-stage biopharmaceutical company CymaBay Therapeutics (NASDAQ: CBAY) has closed an underwritten public offering of 9,200,000 shares of its common stock, which includes an additional 1,200,000 shares pursuant to the full exercise of the over-allotment option. According to the update, CymaBay Therapeutics realized gross proceeds of approximately $115 million resulting from the shares sold at the public offering price of $12.50 per share. The company anticipates using the proceeds to fund ongoing development of seladelpar, as well as for working capital and general corporate purposes. ROTH Capital Partners acted as co-manager for the transaction.
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About CymaBay Therapeutics, Inc.
CymaBay Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing therapies for liver and other chronic diseases with high unmet medical need. CymaBay’s lead development candidate, seladelpar, is a potent, selective and orally active PPARδ agonist currently in development for the treatment of patients with primary biliary cholangitis (PBC), an autoimmune liver disease, and with nonalcoholic steatohepatitis (NASH). Two phase 2 studies of seladelpar established proof-of-concept in PBC. CymaBay is currently enrolling patients in a global, phase 3 registration study of seladelpar for PBC. This study is a 52-week, placEbo-coNtrolled, randomized, pHAse 3 study to evaluate the safety aNd effiCacy of sEladelpar (“ENHANCE”) in patients with PBC. CymaBay is also conducting a Phase 2b proof-of-concept study of seladelpar in patients with NASH. For more information, visit the company’s website at www.CymaBay.com.
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