Netherlands’ Kiadis Pharma raises $35.9 mln via private placement

Kiadis Pharma N.V., a Dutch clinical-stage biopharmaceutical company, announced that it has raised gross proceeds of 31.2 million euros ($35.9 million) through a private placement of 3.9 million new shares to institutional investors via an accelerated book building process.

The placing was completed at a subscription price of $9.22 per share and represented approximately 19 percent of the issued share capital of Kiadis Pharma prior to the transaction. Following the placing, the issued share capital of Kiadis Pharma will consist of 24.3 million ordinary shares.

Kiadis Pharma intends to use the net proceeds of the placing to continue the phase 3 international, randomized, controlled, multi-centre clinical trial for ATIR101 in the United States, Canada and Europe.

The company will also use the funds to further prepare for commercialization in Europe by investing into market access preparation, reimbursement, commercial organization and commercial manufacturing, apply funds for general corporate purposes and other working capital needs.