CYAD - Celyad Oncology raises $32.5M in private placement with Fortress Investment Group

Celyad Oncology (NASDAQ:CYAD) has entered into a subscription agreement with an affiliate of Fortress Investment Group for the private placement of 6.5M ordinary shares for gross proceeds of $32.5M (about €28.7M). The Company will issue ordinary shares at $5.00/share (€4.42). Net proceeds will be used to fund R&D expenses, including the clinical development of CYAD-101 and CYAD-211, to advance the current pipeline of preclinical CAR T candidates, to discover and develop additional preclinical product candidates, as well as for working capital, other general corporate purposes. The subscription is expected to close on December 8, 2021. As a result of the transaction, Fortress will hold 28.8% of the Company’s shares.

For further details see:

Celyad Oncology raises $32.5M in private placement with Fortress Investment Group