Unicycive Therapeutics, an early-stage biotech developing in-licensed therapies for kidney disease, raised $25 million by offering 5 million units at $5, the low end of the range of $5 to $6. Each unit consists of one share of common stock and four-fifths of a warrant, exercisable at $6.00. At pricing, the company commands a market value of $74 million.
Unicycive originally filed to raise the same amount by offering shares at $8.50 to $10.50, before lowering the terms and adding warrants in subsequent amendments. Because the company re-launched its IPO offering units, Unicycive will be excluded from Renaissance Capital's 2021 IPO stats.
The Los Altos, CA-based company plans to list on the Nasdaq under the symbol UNCY. Roth Capital acted as sole bookrunner on the deal.
