ProKidney Corp., a leading late clinical-stage cellular therapeutics company focused on chronic kidney disease, today announced the pricing of an underwritten public offering and a concurrent registered direct offering of 53,719,009 shares of its Class A ordinary shares at a price of $2.42 per share, before applicable underwriting discounts and commissions.
In addition, the underwriters will have a 30-day option to purchase up to an additional 15% of the Class A ordinary shares sold in the underwritten public offering, the company said.
All of the Class A ordinary shares in the underwritten public offering and concurrent registered direct offering are being sold by the Company.
ProKidney said it currently intends to use the net proceeds from the underwritten public offering and the concurrent registered direct offering for clinical trial costs and other research and development expenses, continued investment in its drug development platform, for its pre-commercial and commercial activities, including its commercial manufacturing facility, and for other general corporate purposes, including for working capital, capital expenditures and general and administrative expenses.
Jefferies, J.P. Morgan and Guggenheim Securities are acting as the joint book-running managers and PJT Partners is acting as a co-manager in the proposed underwritten public offering. PJT Partners is also acting as a financial advisor to the Company in connection with the offerings.