Cidara Therapeutics Announces Private Placement To Raise Up To $105 Mln, Stock Up

(RTTNews) - Cidara Therapeutics, Inc. (CDTX), Thursday announced a securities purchase agreement with certain investors to raise up to $105 million.

Under the agreement, the biotechnology company will issue about 3.9 million shares at a price of $14.912 per share.

Also, certain investors will be purchasing pre-funded warrants to purchase an aggregate of about 3.15 million shares of common stock at a purchase price of $14.9119 per pre-funded warrant.

The company intends to use the proceeds to fund research and development of product candidates, working capital and general corporate purposes.

Currently, Cidara's stock is climbing 17.31 percent, to $17.80 on the Nasdaq.