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Funding
ProKidney raises USD 130 million in public offering of Class A ordinary shares
Cell & Gene Therapy
Jun 12, 2024
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Cell & Gene Therapy

Cell & Gene Therapy

Jun 12, 2024

ProKidney raises USD 130 million in public offering of Class A ordinary shares

Funding

  • Kidney-focused cell therapy company ProKidney Corp. has announced the pricing of an underwritten public offering and a concurrent registered direct offering of 53.7 million Class A ordinary shares at a rate of USD 2.42 per share.

  • The company also granted underwriters a 30-day option to purchase 15% of the common shares. The offering, expected to close on or about June 13, 2024, will raise an overall gross proceeds of USD 130 million. 

  • The company intends to use the net proceeds for clinical trial costs, research and development expenses, investment in its drug development platform, pre-commercial and commercial activities, including its manufacturing facility, and general corporate purposes such as working capital and administrative expenses.

  • ProKidney's lead product candidate, rilparencel (REACT), is a first-of-its-kind autologous cellular therapy being evaluated to potentially preserve kidney function in diabetic patients at high risk of kidney failure. It has received Regenerative Medicine Advanced Therapy (RMAT) designation and is undergoing a Phase III clinical trial.

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