Aridis Raises $2.28 Million in Registered Direct Offering of Common Stock

Rare Daily Staff

Aridis Pharmaceuticals has entered into a definitive agreement for the issuance and sale of an aggregate of six million shares of the Company’s common stock at a purchase price of $0.38 per share in a registered direct offering.

The gross proceeds to the company from the offering are expected to be $2.28 million, before deducting the placement agent’s fees and other offering expenses payable by the company. Aridis intends to use the net proceeds from the offering for working capital and general corporate purposes.

Aridis discovers and develops antibodies, with several in clinical stage studies targeting bacteria that cause life-threatening infections, in addition to preclinical stage antiviral mAbs. The use of mAbs as anti-infective treatments represents an innovative therapeutic approach that harnesses the human immune system to fight infections and is designed to overcome the deficiencies associated with the current standard of care which is broad spectrum antibiotics, including increasing drug resistance, short duration of efficacy, disruption of the normal flora of the human microbiome, and lack of differentiation among current treatments.

The mAb portfolio is complemented by a non-antibiotic novel mechanism small molecule anti-infective candidate being developed to treat lung infections in cystic fibrosis patients, AR-501, for which the company just reported that it had met the primary and secondary endpoints of safety and pharmacokinetics in a phase 2a study of the inhaled aerosol in cystic fibrosis patients with confirmed Pseudomonas aeruginosa bacterial and other potential infections.