Media Coverage

KindredBio underwriters boost stock offering proceeds up to $50.6m

Jun 26, 2018 - Animal Pharm
By Joseph Harvey
Animal Pharm
June 26, 2018

Kindred Biosciences has closed its public offering of shares and raised $50.6 million.

The San Francisco-based business offered 4,631,578 shares of common stock at a public price of $9.50 per share. It raised $44m through this offering. Additionally, underwriters exercised their option to purchase an additional 694,736 shares of KindredBio's common stock at $9.50 per share. This added $6.6m to the proceeds.

KindredBio will use the funds for the expansion of its commercial infrastructure in anticipation of future product approvals and launches, as well as for expansion of its manufacturing capacity. The firm will also direct the proceeds towards development of its therapeutic candidates and other general corporate purposes.

KindredBio will now be executing its commercialization plan, which it recently outlined. In May, the firm received its first US FDA approval.

The company's market capitalization is currently around $326 million.

Reprinted with permission of Animal Pharm News




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