KalVista Pharmaceuticals Prices $55M Public Offering and $5M Private Placement

KalVista Pharmaceuticals, Inc., based in Cambridge, Massachusetts, and Salisbury, England, has announced the pricing of an underwritten offering and a concurrent private placement. The company is set to release 5.5 million shares of its common stock at $10.00 per share, which is expected to yield gross proceeds of $55 million before accounting for underwriting discounts, commissions, and other related expenses.

In association with the offering, KalVista has also entered into a securities purchase agreement with DRI Healthcare Acquisitions LP, an accredited investor linked to DRI Healthcare Trust. This agreement will see DRI acquiring 500,000 shares of KalVista common stock in a private placement at the same price per share as the public offering. The anticipated gross proceeds from this private placement are $5 million, before the subtraction of fees owed to placement agents and other expenses.

The funds accumulated from these activities, in combination with proceeds from a previously announced synthetic royalty transaction and existing cash reserves, will be directed towards the ongoing clinical development of KalVista's product candidate, sebetralstat. Sebetralstat is currently being developed for the treatment of hereditary angioedema (HAE), and the proceeds will also support planned commercialization efforts post-approval. Should there be any remaining funds, these will be utilized for general corporate purposes.

All shares in the offering are being sold by KalVista, with the offering and private placement expected to conclude on November 5, 2024, subject to the fulfillment of standard closing conditions. Jefferies, BofA Securities, TD Cowen, and Stifel are acting as joint book-running managers for the offering and joint placement agents for the private placement. Additionally, Jones is serving as the financial advisor for the offering.

The offering is being conducted under a shelf registration statement filed by KalVista with the Securities and Exchange Commission (SEC) on July 11, 2024, which became effective on July 19, 2024. A prospectus supplement and accompanying prospectus outlining the terms of the offering has been filed with the SEC and is available on the SEC’s website. The common stock sold in the private placement will not be registered as part of the offering.

KalVista Pharmaceuticals is dedicated to developing and delivering oral medications to address diseases with significant unmet needs. The company is committed to understanding patient needs and the limitations of current treatments to create therapies that enable better disease management and improve patient quality of life. Notably, KalVista's New Drug Application for sebetralstat, intended for the on-demand treatment of HAE attacks, has been accepted by the U.S. Food and Drug Administration with an expected Prescription Drug User Fee Amendments goal date of June 17, 2025. Moreover, the company has received validation for its Market Authorization Application for HAE from the European Medicines Agency and has also submitted applications to regulatory authorities in the United Kingdom, Switzerland, Australia, and Singapore.

The securities issued and sold in the private placement are not registered under the Securities Act of 1933, and they are being issued under reliance on Section 4(a)(2) of the Securities Act. As such, these securities cannot be offered or sold in the United States without an applicable exemption from the registration requirements. This announcement does not constitute an offer to sell or a solicitation to buy KalVista's securities in any state or jurisdiction where such activities would be unlawful prior to registration or qualification under the securities laws of those regions.