Capricor Raises $23 Million in Registered Direct Offering
September 29, 2023
Rare Daily Staff
Capricor Therapeutics said it has raised $23 million, which it will use to fund current research and development operations and working capital.
The company has entered into definitive agreements with its commercial partner, Nippon Shinyaku, and funds associated with Highbridge Capital Management for the issuance and sale of 4.9 million shares of its common stock in a registered direct offering. Each share of common stock offered was sold with a warrant to purchase one share of common stock at an exercise price of $5.70 per share. Each warrant will be exercisable beginning six months after issuance and will expire seven years from the date of issuance. The combined offering price per share of common stock and accompanying warrant is $4.66. The closing of the offering is expected to occur on or about October 3, 2023, subject to the satisfaction of customary closing conditions.
Capricor is focused on the development of transformative cell and exosome-based therapeutics for the treatment and prevention of muscular and other select diseases. The company’s lead candidate, CAP-1002, is an allogeneic cardiac-derived cell therapy that is currently in late-stage clinical development for treating Duchenne muscular dystrophy. Capricor has entered into a partnership for the exclusive commercialization and distribution of CAP-1002 for DMD in the United States and Japan with Nippon Shinyaku (U.S. subsidiary NS Pharma), subject to regulatory approval.
Capricor is also developing its exosome technology as a next-generation therapeutic platform, which the company says platform has potential for a broad range of new therapeutic applications in the field of vaccinology as well as targeted oligonucleotide, protein, and small molecule therapeutics to treat or prevent a variety of diseases.
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