CymaBay Therapeutics Inc. priced its underwritten public offering of 5,181,348 common shares at $1.93 per share, before underwriting discounts and commissions.
The company granted underwriters an overallotment option to buy up to an additional 777,202 shares.
CymaBay is expected to use the net proceeds to fund ongoing development of seladelpar, a drug for biliary cholangitis — a liver disease — and for working capital and general corporate purposes.
The offering is expected to close Feb. 7, subject to customary closing conditions.
JonesTrading Institutional Services LLC is the sole book-running manager and LifeSci Capital LLC is the lead manager for the offering.