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Calithera Biosciences Prices $10M Public Offering of Common Stock

NEW YORK – Calithera Biosciences on Tuesday announced pricing of an underwritten public offering of 18,518,519 shares of its common stock at a price of $0.54 per share.

The South San Francisco, California-based company expects approximately $10 million in gross proceeds from the offering, before deducting underwriting discounts and commissions and other expenses. The offering will close on April 1. SVB Leerink and H.C. Wainwright are acting as joint bookrunning managers for the offering.

In a filing with the US Securities and Exchange Commission, Calithera expects to use the funds to advance its lead candidates, the SYK inhibitor mivavotinib and the dual TORC 1/2 inhibitor sapanisertib, into Phase II clinical trials. The financing will also be used to advance its other clinical candidates and to fund early-stage research. The company also said remaining funds will be used for working capital and other general corporate purposes, including acquiring or licensing of other products, businesses, or technologies.

Last year, Calithera acquired mivavotinib and sapanisertib from Takeda for $45 million. The company shifted its focus to these two candidates after discontinuing development of its glutaminase inhibitor telaglenastat, which showed lackluster efficacy in two clinical trials last year.

The company is studying mivavotinib in relapsed or refractory diffuse large B-cell lymphoma harboring mutations in MyD88 or CD79, and is studying sapanisertib as a treatment for relapsed or refractory NRF2-mutated squamous non-small cell lung cancer. The company's pipeline also includes undisclosed preclinical synthetic lethality programs and several immuno-oncology candidates.