Unicycive (NASDAQ: UNCY), a clinical-stage biotechnology company developing therapies for patients with kidney disease, has announced its entry into a securities purchase agreement with certain health care-focused institutional investors that will provide up to $130 million in gross proceeds to Unicycive through a private placement. According to the announcement, the private placement includes initial upfront funding of $30 million. Vivo Capital is leading the funding with participation from RA Capital, BVF Partners, Logos Capital, and support by existing investors Nantahala Capital Partners and Rosalind Advisors Inc. In conjunction with the financing, Gaurav Aggarwal, M.D., managing director of Vivo Capital, will join the Unicycive board of directors. “We are delighted to have the financial backing of both existing and new investors from these high profile, health care-focused funds as it provides strong validation of the best-in-class potential for Renazorb(R) and provides funding for its potential commercial launch, if approved,” said Shalabh Gupta, M.D., chief executive officer of Unicycive. “We remain on track to file a New Drug Application (‘NDA’) for Renazorb marketing approval with the U.S. Food and Drug Administration (‘FDA’) in mid-year.”
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About Unicycive Therapeutics
Unicycive Therapeutics is a biotechnology company developing novel treatments for kidney diseases. Unicycive’s lead drug, Renazorb, is a novel investigational phosphate-binding agent being developed for the treatment of hyperphosphatemia in chronic kidney disease patients on dialysis. UNI-494 is a patent-protected new chemical entity in late preclinical development for the treatment of acute kidney injury. For more information, please visit www.Unicycive.com.
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