Benzinga | Sep 30, 2020 05:43AM EDT

Cardiff Oncology Priced 6.5M Share Public Offering @$13.50/Share

Cardiff Oncology, Inc. (NASDAQ:CRDF) announced the pricing of its previously announced underwritten public offering of 6,500,000 shares of its common stock at a public offering price of $13.50 per share.

Cardiff Oncology is a clinical-stage biotechnology company and our mission is to develop new treatment options for cancer patients in indications with the greatest medical need. Our goal is to overcome resistance, improve response to treatment and increase overall survival. Our investigational drug, onvansertib, a first-in-class, third-generation Polo-like Kinase 1 (PLK1) inhibitor, is being evaluated in combination with standard-of-care chemotherapy and targeted therapeutics. We are assessing tumor genomics and using our expertise in biomarker technology to rapidly evaluate patient response to treatment. (PRNewsfoto/Cardiff Oncology, Inc.)

The gross proceeds to Cardiff Oncology, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $88 million. The offering is expected to close on or about October 2, 2020, subject to the satisfaction of customary closing conditions. Cardiff Oncology has granted the underwriters a 30-day option to purchase up to an additional 975,000 shares at the public offering price, less underwriting discounts and commissions.

Cardiff Oncology intends to use the net proceeds from this offering for clinical development of its product candidate, onvansertib, working capital and for other general corporate purposes.

Cowen and Piper Sandler & Co. are acting as joint book-running managers for the offering. H.C. Wainwright & Co. is acting as lead manager for the offering.