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KalVista Pharmaceuticals prices $68M stock offering to fund angioedema drug

KalVista Pharmaceuticals Inc. is seeking to raise $68.0 million in a common stock offering to fund clinical development of its hereditary angioedema product candidate.

The Cambridge, Mass.-based company is offering 4.0 million shares at $17 each, the company said in a Sept. 6 release. Underwriters will have a 30-day option to buy up to an additional 600,000 shares. The offering is expected to close Sept. 10, subject to customary closing conditions.

KalVista, a pharmaceutical company focused on developing treatments for diseases with significant unmet need, plans to use the net proceeds to fund its hereditary angioedema product candidate KVD900. Hereditary angioedema is characterized by recurrent episodes of severe swelling. The remainder of the net proceeds will be used to fund other clinical programs and for general corporate purposes.

Jefferies LLC, Stifel Nicolaus & Co. Inc. and Cantor Fitzgerald & Co. are acting as the joint book-running managers, while Roth Capital Partners is serving as co-manager for the offering.