CymaBay Therapeutics, Inc. (NASDAQ: CBAY) recently announced the closing of a public offering of 13.34 million shares, including the sale of additional 1,740,000 shares of common stock pursuant to the full exercise of the over-allotment option granted to the underwriters. The common stock public offering was part of a bid to fund the ongoing development of its drug Seladelpar, a treatment for autoimmune liver disease, primary biliary cholangitis (“PBC”) and nonalcoholic steatohepatitis (“NASH”). The company sold the shares at an offering price of $10.80 per share resulting in the gross proceeds of approximately $144 million prior to underwriting discounts and commissions.
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About CymaBay
CymaBay Therapeutics, Inc. (CBAY) is a clinical-stage biopharmaceutical company focused on developing therapies for liver and other chronic diseases with high unmet medical need. Seladelpar is a potent, selective, orally active PPARδ agonist currently in development for the treatment of patients with the autoimmune liver disease, primary biliary cholangitis (“PBC”) and nonalcoholic steatohepatitis (“NASH”). Two Phase 2 studies of seladelpar established proof of concept in PBC. CymaBay is currently planning to advance development of seladelpar into Phase 3 for PBC and Phase 2 for NASH. For more information, visit the company’s website at www.CymaBay.com.
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