Climb Bio to Raise $110 Million in Private Placement

Rare Daily Staff

Climb Bio said it has entered into a securities purchase agreement with a select group of institutional investors to raise approximately $110 million through a private placement.

The financing includes participation from new and existing shareholders, including Adage Capital Partners, ADAR1 Capital Management, Affinity Asset Advisors, Ally Bridge Group, Cormorant Asset Management, Driehaus Capital Management, Great Point Partners, RA Capital Management, Redmile, Sirenia Capital Management, Woodline Partners and other institutional investors.

The company is selling 9.5 million shares of common stock at $9.50 per share and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to 2.1 million shares of common stock at a purchase price of $9.50 per pre-funded warrant. Each pre-funded warrant will have an exercise price of $0.0001 per share, will be exercisable immediately and will remain outstanding until exercised in full, subject to beneficial ownership limits set by each holder.

The Wellesley Hills, Massachusetts-based company is a clinical-stage biotechnology firm developing high-impact, disease-modifying medicines for people with immune-mediated diseases, including those affecting kidney health such as IgA nephropathy.

Its pipeline includes budoprutug, an anti-CD19 monoclonal antibody in development for a range of B-cell–mediated diseases, and CLYM116, an anti-APRIL monoclonal antibody in development for IgA nephropathy.

Earlier this month, the U.S. Food and Drug Administration granted fast-track designation to budoprutug for the treatment of primary membranous nephropathy, a rare kidney disease with no approved therapies, underscoring investor interest in the company’s nephrology programs.