09:35 AM EST, 11/21/2024 (MT Newswires) -- Cidara Therapeutics ( CDTX ) said Thursday it has agreed to a private placement expected to raise about $105 million.

Under the agreement, Cidara will issue about 3.9 million shares of common stock at $14.912 per share, the company said. Additionally, certain investors will purchase about 3.2 million pre-funded warrants at $14.9119 each, with an exercise price of $0.0001 per warrant, the company added.

The company said the financing, led by Venrock Healthcare Capital Partners, includes participation from new and existing investors like RA Capital Management among others.

Net proceeds from the placement, expected to close by Nov. 25, will be used to advance research and development, support working capital needs, and cover general corporate expenses, Cidara said.

Shares of the company were up 25% in early Wednesday trading.

Price: 18.86, Change: +3.74, Percent Change: +24.75