Unicycive Therapeutics, an early stage biotech developing in-licensed therapies for kidney disease, increased the proposed deal size for its upcoming IPO on Monday.
The Los Altos, CA-based company now plans to raise $40 million by offering 6.7 million units at a price range of $5.50 to $6.50. Each unit contains one share of common stock and one-half of a warrant, exercisable at a price equal to 125% of the offering price. The company had previously filed to offer 2.6 million shares at a range of $8.50 to $10.50. At the midpoint of the revised range, Unicycive Therapeutics will raise 61% more in proceeds than previously anticipated and command a fully diluted market value of $96 million. Because it is now offering units with warrants attached, Unicycive no longer qualifies for tracking and will be excluded from Renaissance Capital's stats.
Unicycive Therapeutics is primarily focused on developing therapies for kidney diseases. Its candidates include Renazorb, which was in-licensed from Spectrum Pharmaceuticals who conducted a Phase 1 trial for hyperphosphatemia in patients with chronic kidney disease in 2012, and UNI 494, which was in-licensed from Sphaera Pharmaceuticals. Unicycive began conducting preclinical trails on UNI 494 in 2020.
Unicycive Therapeutics was founded in 2016 and plans to list on the Nasdaq under the symbol UNCY. Roth Capital is the sole bookrunner on the deal. It is expected to price during the week of June 21, 2021.
