UNCY - Unicycive stock rockets 114% after securing $130M financing to commercialize Renazorb

2023-03-06 07:54:24 ET

• Shares of kidney disease company, Unicycive Therapeutics ( NASDAQ: UNCY ) jump 114% premarket after the Company signed a securities purchase agreement with certain institutional investors that will provide up to $130M in gross proceeds to Unicycive through a private placement, including initial upfront funding of $30M.
• The company remains on track to file a New Drug Application (NDA) for Renazorb marketing approval with the FDA in mid-year.
• Proceeds from the offering will be used to support the Company’s NDA submission of Renazorb for the treatment of hyperphosphatemia in the U.S. and, if approved, for the commercial launch of Renazorb in the U.S.
• The funding is being led by Vivo Capital with participation from RA Capital, BVF Partners, Logos Capital, and is supported by existing investors Nantahala Capital Partners and Rosalind Advisors. Gaurav Aggarwal, M.D., Managing Director of Vivo Capital, will join the Unicycive Board of Directors.
• Pursuant to the securities purchase agreement, the Company will issue to purchasers (i) $30M in shares of Series A Convertible Preferred Stock and (ii) three tranches of warrants exercisable for convertible preferred stock.
• Shares of Series A Convertible Preferred Stock will be issued at a price of $1,000.00 per share.
• In December 2022, Unicycive announced that the primary endpoint was met in its bioequivalence study comparing Renazorb to Fosrenol .

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