CymaBay Announces Pricing of Upsized $225 Million Public Offering

CymaBay Sets the Stage for Growth with Upsized $225 Million Public Offering Pricing

CymaBay Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on developing innovative therapies for liver and other chronic diseases with high unmet medical need, announced the pricing of its previously announced underwritten public offering of common stock and pre-funded warrants. CymaBay is selling 12,551,080 shares of common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase 583,771 shares of common stock in the offering. The shares of common stock are being sold at a public offering price of $17.13 per share, and the pre-funded warrants are being sold at a public offering price of $17.1299 per underlying share. The gross offering proceeds to CymaBay from this offering are expected to be approximately $225 million, before deducting the underwriting discount and other estimated offering expenses, and excluding the exercise of any pre-funded warrants. The pre-funded warrant has an exercise price of $0.0001 per share. All shares of common stock and pre-funded warrants to be sold in the offering are being offered by CymaBay. CymaBay has granted the underwriters a 30-day option to purchase up to an additional 1,970,227 shares of its common stock at the public offering price per share less underwriting discounts and commissions. The offering is expected to close on September 14, 2023, subject to the satisfaction of customary closing conditions.

CymaBay anticipates using the net proceeds from the offering to fund ongoing development of seladelpar, including clinical trials targeting market expansion, and for working capital and general corporate purposes.

Piper Sandler, Raymond James, Cantor and LifeSci Capital are acting as the joint book-running managers for the offering. BTIG is acting as the lead manager for the offering.

The securities described above are being offered by CymaBay pursuant to a shelf registration statement filed with the Securities and Exchange Commission (the "SEC"). A preliminary prospectus supplement and accompanying prospectus related to the offering has been filed, and a final prospectus supplement and accompanying prospectus related to the offering will be filed, with the SEC and are or will be available on the SEC's website at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to this offering may be obtained, when available, from: Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by telephone at (800) 747-3924, Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at (800) 248-8863, Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, New York 10022, or LifeSci Capital LLC, Attention: Syndicate Prospectus Department, 250 West 55th Street, 34th Floor, New York, NY 10019

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Published on : 12th September, 2023