Full Press Release Details
Announces $50 Million Private Placement
14, 2024, 4:03 AM PDT
new investors Octagon Capital and Great Point Partners, LLC, with participation from new and existing investors including Logos Capital,
Nantahala Capital, SilverArc Capital, Velan Capital, Vivo Capital and Walleye Capital
Calif., March 14, 2024 (GLOBE NEWSWIRE) -- Unicycive Therapeutics, Inc. (Nasdaq: UNCY) (the "Company" or "Unicycive"),
a clinical-stage biotechnology company developing therapies for patients with kidney disease, today announced that the Company has entered
into a securities purchase agreement with certain healthcare-focused institutional investors for the sale of 50,000 shares of its Series
B Convertible Preferred Stock at an offering price of $1,000 per share. The gross proceeds of the private placement are expected to be
$50 million, before deducting placement agent fees and other expenses. The private placement is expected to close on March 18, 2024,
subject to the satisfaction of customary closing conditions.
is led by new investors Octagon Capital and Great Point Partners, LLC, with participation from new and existing healthcare institutional
investors including Logos Capital, Nantahala Capital, SilverArc Capital, Velan Capital, Vivo Capital and Walleye Capital.
and Piper Sandler are acting as placement agents for the private placement.
financing provides strong validation of the best-in-class potential for our clinical development programs led by Oxylanthanum Carbonate
(OLC). We believe this funding provides the capital to take OLC through the approval process and plan for commercial launch as we look
to provide a potential new treatment option for kidney disease patients on dialysis," said Shalabh Gupta, M.D., Chief Executive
Officer of Unicycive.
the Private Placement
to the securities purchase agreement, the Company will issue to purchasers $50 million in shares of the Company's Series B Convertible
Series B Convertible Preferred Stock will be issued at a price of $1,000.00 per share. All of the shares of Series B Convertible Preferred
Stock, and the securities underlying such shares of Series B Convertible Preferred Stock, are being offered by Unicycive.
from the private placement will be used to support the advancement of the Company's clinical development pipeline and general working
capital. Unicycive's pipeline is led by Oxylanthanum Carbonate (OLC) which is currently in an ongoing pivotal trial. Once complete,
the Company expects to submit a New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA) for approval of OLC for the
treatment of hyperphosphatemia in the U.S. and, if approved, plans to commercially launch OLC in the U.S.
to be issued in connection with the private placement described above are being offered in a private placement under Section 4(a)(2)
of the Securities Act of 1933, as amended (the "Act"), and Regulation D promulgated thereunder and have not been registered
under the Act or applicable state securities laws. Accordingly, such securities may not be offered or sold in the United States except
pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable
state securities laws. Unicycive has agreed to file a registration statement with the Securities and Exchange Commission registering
the resale of the shares of common stock issued in this private placement.
release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall
there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful
prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
information, please see the Company's current report on Form 8-K to be filed with the Securities and Exchange Commission.
Unicycive Therapeutics
Therapeutics is a biotechnology company developing novel treatments for kidney diseases. Unicycive's lead drug, oxylanthanum carbonate
(OLC), is a novel investigational phosphate-binding agent being developed for the treatment of hyperphosphatemia in chronic kidney disease
patients on dialysis. UNI-494 is a patent-protected new chemical entity in clinical development for the treatment of conditions related
in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements
may be identified using words such as "anticipate," "believe," "forecast," "estimated"
and "intend" or other similar terms or expressions that concern Unicycive's expectations, strategy, plans or intentions.
Such forward-looking statements include, but are not limited to, statements regarding management's beliefs regarding the use of
proceeds of the private placement and the timing, size and completion of the private placement. These forward-looking statements are
based on Unicycive's current expectations and actual results could differ materially. There are several factors that could cause
actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited
to, clinical trials involve a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may
not be predictive of future trial results; our clinical trials may be suspended or discontinued due to unexpected side effects or other
safety risks that could preclude approval of our product candidates; risks related to business interruptions, including the outbreak
of COVID-19 coronavirus, which could seriously harm our financial condition and increase our costs and expenses; dependence on key personnel;
substantial competition; uncertainties of patent protection and litigation; dependence upon third parties; and risks related to failure
to obtain FDA clearances or approvals and noncompliance with FDA regulations. Actual results may differ materially from those indicated
by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions
and other factors described more fully in the section entitled Risk Factors' in Unicycive's Annual Report on Form
10-K for the year ended December 31, 2022, and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking
statements contained in this press release speak only as of the date hereof, and Unicycive specifically disclaims any obligation to update
any forward-looking statement, whether as a result of new information, future events or otherwise.