CymaBay Prices Offering At $6.50/Share

(RTTNews) - CymaBay Therapeutics, Inc. (CBAY) has offered to sell 13 million shares of its common stock to the public at a price of $6.50 each. The underwriter has a 30-day option to purchase up to an additional 1.95 million shares of its common stock. The offering is scheduled to close on or about July 24, 2017.

CymaBay anticipates using this offering net proceeds to fund ongoing development of seladelpar and for working capital and general corporate purposes.

Few days back, CymaBay reported positive interim results from its ongoing low-dose Phase 2 study of seladelpar in patients with primary biliary cholangitis, a life-threatening and life-limiting chronic cholestatic liver disease. In addition, the FDA has agreed to allow continuation of seladelpar treatment beyond six months for the 5 mg and 10 mg doses.