Capricor Therapeutics (NASDAQ: CAPR) has announced the pricing of its underwritten offering of 4,412,000 shares of common stock at a public offering price of $17.00 per share. This is expected to result in gross proceeds of approximately $75 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Capricor. The offering is expected to close on October 18, 2024.
Piper Sandler & Co. and Oppenheimer & Co. Inc. are acting as the joint book-running managers for the offering. Capricor intends to use the net proceeds from this offering for the continued development of its product candidates, manufacturing of its product candidates, working capital, and general corporate purposes.
The company is offering the securities pursuant to an effective shelf registration statement on Form S-3 (file no. 333-280229) that was declared effective on October 16, 2024. The offering is made only by means of a prospectus and related prospectus supplement.
Capricor Therapeutics, Inc. is a biotechnology company dedicated to advancing transformative cell and exosome-based therapeutics to redefine the treatment landscape for rare diseases. Its lead product candidate, deramiocel (CAP-1002), is an allogeneic cardiac-derived cell therapy currently advancing through phase 3 clinical development for the treatment of Duchenne muscular dystrophy. The company is also leveraging its exosome technology for preclinical development focused on the areas of vaccinology, targeted delivery of oligonucleotides, proteins, and small molecule therapeutics.
The market has reacted to these announcements by moving the company's shares -8.7% to a price of $18.73. For more information, read the company's full 8-K submission here.
