KalVista Pharmaceuticals Raises $193.5M Via Equity To Fund KVD900 Development

KalVista Pharmaceuticals Inc (NASDAQ: KALV) prices its upsized underwritten public offering of 5.375 million at $36 per share, raising $193.5 million in gross proceeds. Earlier, the company offered 4.5 million shares. The offer price represents a marginal discount of 4% on the last close price of $37.46.
Underwriters have an option to purchase up to an additional 806,250 shares.
Jefferies LLC, Stifel, Nicolaus & Company, Incorporated, and Cantor Fitzgerald & Co. are acting as the joint book-running managers for the offering.
KalVista intends to use the net proceeds to fund the planned Phase 3 trial of KVD900, the planned Phase 2 trial of KVD824, and continued development of KalVista's oral Factor XIIa programs, as well as for general corporate purposes.
Recently, the company's stock rallied on positive Phase 2 data from KVD900 that showed reduced use of rescue medication in patients suffering swelling attacks associated with hereditary angioedema.
Price Action: KALV stock has gained 2.8% at $38.50 in the premarket trading on the last check Thursday.