KDNY - Chinook Therapeutics commences underwritten public offering of common stock

Biopharmaceutical company Chinook Therapeutics (NASDAQ:KDNY) commenced an underwritten public offering of its common stock. In lieu of common stock, the company will also offer and sell to certain investors pre-funded warrants to purchase shares. KDNY intends to grant the underwriters a 30-day option to purchase additional shares offered in the public offering at a price less underwriting discounts and commissions. The net proceeds from the offering are intended to be used to continue the phase 3 ALIGN and phase 2 AFFINITY trials of atrasentan, fund a phase 3 clinical trial of BION-1301, continue development of CHK-336 and prepare for the potential commercial launch of atrasentan. The company has not provided any assurance on whether or when the offering may be completed, or as to the actual size or terms of the offering. SVB Securities, Cantor and William Blair are joint book-running managers, while Wedbush PacGrow is the lead manager. Source:

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Chinook Therapeutics commences underwritten public offering of common stock