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Chinook Therapeutics (KDNY) public offering of 6,4 M shares priced at $14.00 raising $105 M

June 2, 2022 11:54am

KDNY priced (5/24/22) its underwritten public offering of 6,428,572 shares of its common stock at a price to the public of $14.00 per share.

On 6/2/22, KDNY is trading at +$0.66 to $16.29 after trading 5/24/22 at $15.11

In addition, and in lieu of common stock, Chinook is offering to certain investors pre-funded warrants to purchase up to an aggregate of 1,071,428 shares of common stock at a purchase price of $13.9999 per pre-funded warrant, which represents the per share public offering price for the common stock less the $0.0001 per share exercise price for each such pre-funded warrant.

The gross proceeds to Chinook from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Chinook, are expected to be $105 million.

Chinook has granted the underwriters a 30-day option to purchase up to an additional 1,125,000 shares of common stock in connection with the public offering.

The offering is expected to close on or about May 27, 2022, subject to the satisfaction of customary closing conditions. All of the securities are being offered by Chinook.

SVB Securities, Cantor and William Blair acted as joint book-running managers for the offering. Wedbush PacGrow is acting as lead manager for the offering.

Chinook intends to use the net proceeds from this offering to continue its P3 ALIGN and P2 AFFINITY trials of atrasentan, fund a P3 clinical trial of BION-1301, continue development of CHK-336 and prepare for the potential commercial launch of atrasentan.

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