Investorideas.com

Get great ideas from our AI, cannabis, cleantech, crypto, esports and mining podcasts - be a guest or sponsor : 800 665 0411


Share on StockTwits

Kodiak Sciences Announces Pricing of $560.9 Million Common Stock Offering

Source: Streetwise Reports

 

November 19, 2020 (Investorideas.com Newswire) Kodiak Sciences shares reached a new 52-week high after the company announced the pricing of a $560.9 million public offering of its common stock. The report came one day after the firm advised it had completed enrollment of its Phase 2b/3 Pivotal DAZZLE Study of KSI-301 in patients with wet age-related macular degeneration.


Late yesterday evening biopharmaceutical company Kodiak Sciences Inc. (KOD:NASDAQ) which specializes in developing novel therapeutics to treat chronic, high-prevalence retinal diseases, announced "the pricing of an underwritten public offering of 5,193,237 shares of its common stock at a price to the public of $108.00 per share."

Kodiak Sciences indicated that it expects to receive aggregate gross proceeds from the offering of about $560.9 million. The anticipated net proceeds, which take into account deductions for underwriting discounts and commissions and ordinary offering expenses payable by the company, were not specifically listed.

The firm stated that the common share offering transaction is subject to customary closing conditions and is expected to close on or about November 20, 2020. The company further advised that "it has granted the underwriters a 30-day option to purchase up to an additional 778,985 shares of its common stock at the public offering price, less underwriting discounts and commissions."

The company also did not indicate how it planned to utilize the net proceeds from the offering in the news release.

One day earlier, on Monday of this week Kodiak Sciences announced that "recruitment has concluded in its DAZZLE pivotal study of KSI-301, Kodiak's anti-VEGF antibody biopolymer conjugate, in patients with neovascular (wet) age-related macular degeneration." The company stated that it initially intended to enroll a total of 550 treatment-naïve patients worldwide in the DAZZLE study and that it had exceeded that number and thus closed recruitment of additional patients.

Kodiak Sciences' CEO Victor Perlroth commented, "We are pleased to have exceeded our enrollment target for DAZZLE and to have recruited the study in just over one year despite the challenges presented by the COVID-19 pandemic. We are very grateful for the enthusiasm and support of the retina clinical trial community in working together with us to study KSI-301's potential...With DAZZLE having a one-year primary efficacy endpoint, Kodiak is on track for a top-line data readout of the study in early 2022, an important milestone as part of our 2022 Vision."

The company's Chief Medical & Development Officer Jason Ehrlich, M.D., Ph.D., added "Wet AMD remains a leading cause of vision loss in the elderly and real-world data show that vision outcomes are compromised by the unsustainable and intensive treatment burden of current medicines. In DAZZLE, we are studying a more pragmatic and achievable regimen of KSI-301 given once every three, four or five months...We look forward to the last DAZZLE patient's one-year visit in late 2021 and to analyzing and releasing the primary results in early 2022. The Kodiak team is also executing well on the rest of the KSI-301 development program. Our pivotal studies in diabetic macular edema (DME) and retinal vein occlusion are off to a strong start. The recent presentation of KSI-301 data at the American Academy of Ophthalmology Virtual Meeting highlighted the promising combination of efficacy and durability seen with KSI-301 in DME, a leading cause of vision loss in working-aged people."

The company explained that "the Phase 2b/3 DAZZLE study is a global, multi-center, randomized study designed to evaluate the efficacy, durability and safety of KSI-301 in patients with treatment-naïve wet AMD.".

The firm is conducting several other Phase 3 studies of KSI-301. The company noted that these include the GLEAM and GLIMMER studies, which are focusing on treating patients with treatment-naïve diabetic macular edema (DME), and the BEACON, which is studying the effects of KSI-301 on treatment-naïve macular edema due to retinal vein occlusion (RVO), including both branch and central subtypes.

The company explained in the report that "KSI-301 is an investigational anti-VEGF therapy built on the Kodiak's Antibody Biopolymer Conjugate (ABC) Platform and is designed to maintain potent and effective drug levels in ocular tissues for longer than existing agents." The firm added that "its objective with KSI-301 is to develop a new first-line agent to improve outcomes for patients with retinal vascular diseases and to enable earlier treatment and prevention of vision loss for patients with diabetic eye disease."

The firm additionally advised that it is in the process commencing a planned study of KSI-301 for use in treating patients with non-proliferative diabetic retinopathy.

Kodiak Sciences is headquartered in Palo Alto, Calif., and describes itself as a biopharmaceutical company specializing in novel therapeutics to treat chronic, high-prevalence retinal diseases. The firm is engaged in designing and manufacturing next generation retinal medicines to prevent and treat the leading causes of blindness including retinal vascular diseases, such as age-related macular degeneration and diabetic eye diseases and glaucoma.

Kodiak Sciences began the day with a market cap of around $5.1 billion with approximately 4.48 million shares outstanding and a short interest of about 7.5%. KOD shares opened 5% higher today at $120.17 (+$5.93, +5.19%) over yesterday's $114.24 closing price and reached a new 52-week high price this morning of $141.50. The stock has traded today between $120.00 and $141.50 per share and is currently trading at $137.66 (+$23.42, +20.50%).

Disclosure:

1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.

3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

More Info:

Investorideas.com Newswire

This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders


Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp


Follow Us on StockTwits






BiotechIndustryStocks.com - A Leading Global Investor Website for Biotech Industry Stocks

BiotechIndustryStocks.com - investing ideas in biotechnology stocks, medical technology and life sciences

Like Biotech Stocks? View our Biotech Stocks Directory

Get News Alerts on Biotech Stocks

Buy a biotech guest post on Investorideas.com