Unicycive Therapeutics, Inc. announced that it expects to receive $130 million in funding from Vivo Capital, LLC, RA Capital Management, L.P., BVF Partners L.P., Logos Global Management, L.P., Nantahala Capital Management, LLC, Rosalind Advisors, Inc.
March 02, 2023
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Unicycive Therapeutics, Inc. announced that it has signed an agreement issue 130,000 series A convertible preferred shares at an issue price of $1,000 per share for gross proceeds of up to $130 million on March 3, 2023.
On the same date, the company issued 30,000 shares for gross proceeds of $30 million in its first tranche led by new investor, Vivo Capital, LLC with participation from new investors, RA Capital Management, L.P., BVF Partners L.P., Logos Global Management, L.P., returning investors , Nantahala Capital Management, LLC and Rosalind Advisors, Inc. As a part of transaction, Gaurav Aggarwal will join the board of directors of the company. The company will further issue three tranches of warrants that are exercisable for convertible preferred stock as follows: (1) tranche A warrants for an aggregate exercise price of approximately $25 million are exercisable until 21 days following the company's announcement of receipt of FDA approval for Renazorb, (2) tranche B warrants for an aggregate exercise price of approximately $25 million are exercisable until 21 days following the company's announcement of receipt of TDAPA approval for Renazorb; and (3) tranche C warrants for an aggregate exercise price of approximately $50 million are exercisable until 21 days following public disclosure of four quarters of commercial sales of Renazorb following receipt of TDAPA approval. The company will issue securities pursuant to exemption provided under Regulation D.
Unicycive Therapeutics, Inc. is a biotechnology company that is developing treatments for certain medical conditions. Its programs are focused on kidney disease, an area that has the potential to offer medical benefits. Its development programs are focused on two novel therapies: Oxylanthanum Carbonate, and UNI 494. Oxylanthanum Carbonate is a novel investigational phosphate binding agent being developed for the treatment of hyperphosphatemia in chronic kidney disease patients on dialysis. UNI-494 is a patent-protected new chemical entity in clinical development for the treatment of conditions related to acute kidney injury. Oxylanthanum Carbonate and UNI 494 were initially developed by and licensed to it from Spectrum Pharmaceuticals (Spectrum) and Sphaera Pharma, respectively.
Unicycive Therapeutics, Inc. announced that it expects to receive $130 million in funding from Vivo Capital, LLC, RA Capital Management, L.P., BVF Partners L.P., Logos Global Management, L.P., Nantahala Capital Management, LLC, Rosalind Advisors, Inc.