Calidi Biotherapeutics Prices $6 Million Public Offering to Advance Clinical-Stage Cancer Therapies
Calidi Biotherapeutics has priced a $6 million public offering to fund development of its Redtail platform, which uses engineered oncolytic viruses to deliver genetic medicines to metastatic cancer sites, addressing high unmet medical needs in oncology.
Calidi Biotherapeutics Inc. (NYSE American: CLDI), a clinical-stage biotechnology company, has priced an underwritten public offering expected to generate $6 million in gross proceeds before expenses. The offering consists of approximately 1.47 million common stock units priced at $2.00 each and about 1.53 million pre-funded warrant units priced at $1.999 each, both paired with Series I warrants exercisable at $2.00 per share for five years.
Ladenburg Thalmann served as sole book-running manager for the offering, with Laidlaw & Company (U.K.) Ltd. acting as co-manager. The capital raised is crucial for advancing Calidi's proprietary Redtail platform, which represents a significant innovation in targeted cancer therapy delivery. This funding comes at a critical juncture as the company progresses its lead candidate through IND-enabling studies.
The Redtail platform features an engineered enveloped oncolytic virus designed for systemic delivery and targeting of metastatic sites. This advanced technology is engineered to shield the virus from immune clearance, allowing virotherapy to effectively reach tumor sites, induce tumor lysis, and deliver potent gene therapies to metastatic locations. The platform's ability to target distal disease sites addresses a major limitation in current cancer treatments.
Calidi's lead candidate from the Redtail platform targets non-small cell lung cancer, ovarian cancer, and other tumor types with high unmet medical need. Additionally, the company is developing protected virotherapies for intratumoral and localized administration, focusing on injectable cancer indications. The company's news and updates are available in its newsroom at https://ibn.fm/CLDI.
The $6 million offering represents a strategic move to accelerate clinical development during a period of heightened investor interest in innovative cancer therapies. The funding will support the advancement of Calidi's pipeline through critical development milestones, potentially bringing novel treatment options to patients with metastatic cancers who have limited therapeutic alternatives. The successful pricing of this offering demonstrates continued market confidence in Calidi's technology platform and its potential to transform cancer treatment delivery.