Calidi Biotherapeutics Secures $6.9 Million in Public Offering to Advance Targeted Cancer Therapies
Calidi Biotherapeutics has closed a $6.9 million public offering, providing crucial funding to advance its clinical-stage targeted therapies for delivering genetic medicines to metastatic cancer sites.
Calidi Biotherapeutics Inc. (NYSE American: CLDI) has completed an underwritten public offering, raising $6.9 million in gross proceeds before deducting underwriting commissions and offering expenses. The clinical-stage biotechnology company sold 1,922,764 common stock units and 1,528,000 pre-funded warrant units, with Ladenburg Thalmann & Co. Inc. acting as sole book-running manager and Laidlaw & Company (U.K.) Ltd. serving as co-manager.
The financing represents a significant milestone for Calidi's development of targeted therapies designed to deliver genetic medicines to distal disease sites. Each common stock unit was priced at $2.00 and consisted of one share of common stock and one Series I warrant, while pre-funded units were priced at $1.999 per unit. The Series I warrants are immediately exercisable at $2.00 per share and will expire five years from issuance. The full exercise of the underwriters' over-allotment option resulted in the purchase of an additional 450,000 common stock units.
This capital infusion is critical for advancing Calidi's proprietary Redtail platform, which features an engineered enveloped oncolytic virus designed for systemic delivery and targeting of metastatic sites. The technology is engineered to shield the virus from immune clearance, enabling virotherapy to effectively reach tumor sites, induce tumor lysis, and deliver potent gene therapies to metastatic locations. The company's lead candidate from the Redtail platform is currently in IND-enabling studies targeting non-small cell lung cancer, ovarian cancer, and other tumor types with high unmet medical need.
The successful offering demonstrates investor confidence in Calidi's approach to addressing challenging cancer indications through innovative delivery mechanisms. For more information about the company's developments, investors can access updates through the company's newsroom at https://ibn.fm/CLDI. The funding positions Calidi to accelerate its clinical programs and advance its pipeline of protected virotherapies, which include clinical-stage candidates for intratumoral and localized administration focused on injectable cancer indications.