Kiadis Pharma N.V.¬†a clinical stage biopharmaceutical company, today announces a ‚Ç¨12 million private placement of approximately 7.5 million ordinary shares at a price of ‚Ç¨1.60 per share with a U.S.-based healthcare-focused investment fund. As part of the transaction, the investor shall receive approximately 3.75 million warrants with a strike price of ‚Ç¨2.22, which can be exercised over a 5-year period. The Company expects the transaction to close this week.
Arthur Lahr, CEO of Kiadis commented, ‚ÄúDuring these volatile equity capital markets, I am very pleased to announce that we have successfully completed a private placement to continue to fund the development of our K-NK-cell therapy programs. We believe that the outlook for Kiadis over the next several months is promising as we expect to provide updates at upcoming medical meetings, including the American Society of Clinical Oncology (ASCO) and the European Hematology Association (EHA); to initiate our NK REALM study upon¬†FDA¬†approval of our IND; and to advance our solid tumor program, while pursuing potential partnerships. We believe that this new capital will allow us to reach near-term milestones with our K-NK program that will drive value for all stakeholders.‚Äù
The proceeds from this private placement will be used to fund the development of Kiadis‚Äô K-NK cell therapy programs, including the clinical development of K-NK002 as an adjunctive therapy for patients with blood cancer undergoing a hematopoietic stem cell transplant, the development of K-NK003 for the treatment of acute myeloid leukemia, and the research and development of the company‚Äôs K-NK platform for solid tumor indications. As of December 31, 2019, Kiadis had ‚Ç¨29.5 million of cash and equivalents on its balance sheet.
Oppenheimer & Co., Inc. (‚ÄúOppenheimer‚Äù) acted as sole placement agent and Bird & Bird acted as legal advisor to the Company for this transaction. Kiadis‚Äô supervisory board and management board were advised by Allen & Overy and EY on the evaluation of various financing alternatives.