Calidi Biotherapeutics, Inc. (NYSE AMERICAN: CLDI), a clinical-stage biotechnology firm specializing in targeted immunotherapies, has successfully priced its public offering of 5,000,000 shares of common stock at $0.85 per share. This strategic move is expected to generate approximately $4.25 million in gross proceeds for the company, which it plans to utilize for working capital and general corporate purposes.
It was announced that the offering is expected to close on or about January 10, 2025, pending the fulfillment of customary closing conditions. Ladenburg Thalmann & Co. Inc. is serving as the exclusive placement agent for this offering, ensuring a streamlined process for Calidi.
The shares are being offered under a shelf registration statement on Form S-3, which received approval from the U.S. Securities and Exchange Commission (SEC) on October 10, 2024. This regulatory framework allows Calidi to raise capital efficiently while providing investors with transparency through a written prospectus detailing the terms of the offering.
Calidi Biotherapeutics is at the forefront of developing innovative cancer treatments leveraging proprietary technology that enhances the immune system’s ability to combat malignancies. The company’s unique approach utilizes allogeneic stem cells capable of delivering oncolytic viruses directly to tumors, targeting various oncology indications including high-grade gliomas and solid tumors.
The firm’s dual-platform strategy involves both clinical-stage off-the-shelf delivery systems and preclinical enveloped virotherapies designed to address disseminated solid tumors. By enhancing the efficacy of oncolytic viruses while improving patient safety, Calidi aims to revolutionize cancer treatment methodologies.
This funding round is pivotal as Calidi continues to advance its research and development initiatives. The company’s innovative therapies are positioned to not only treat existing tumors but also potentially prevent metastatic disease, a significant challenge in oncology.
The successful completion of this public offering underscores investor confidence in Calidi’s vision and its commitment to pioneering advancements in cancer immunotherapy. With the funds secured, Calidi is poised to further its clinical trials and expand its product pipeline, reinforcing its role as a key player in the biopharmaceutical landscape.
As Calidi moves forward, the company remains focused on establishing strategic partnerships and securing additional investments that will facilitate the acceleration of its drug development programs. The company is actively engaging with regulatory bodies, including discussions regarding its Investigational New Drug (IND) application for prostate cancer therapies.
