Cidara Therapeutics jumps on $105 mln capital raise

Cidara Therapeutics

21/11/2024 15:27

** Drugmaker Cidara Therapeutics'  CDTX.O  shares rise 20.9%
to $18.28
    ** CDTX raises $105 mln in private placement, co says
    ** Co says Venrock Healthcare Capital Partners and other
life sciences-focused investors will purchase ~3.9 mln shares of
CDTX at $14.912 per share 
    ** Co also says certain investors will buy pre-funded
warrants that would allow them to buy ~3.1 mln shares of CDTX at
$14.9119 per share 
    ** CDTX says it intends to use the funds for research and
development, working capital and general corporate purposes
    ** All 5 brokerages rate the stock "buy" or higher; their
median PT is $29 - LSEG
    ** Including session's gains, stock has risen 13.5% YTD

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))