Cidara to raise up to $105 million in private placement

San Diego, USA-based Cidara Therapeutics (Nasdaq: CDTX), a biotech using its proprietary Cloudbreak platform to develop drug-Fc conjugate (DFC) immunotherapies designed to save lives and improve the standard of care for patients facing serious diseases, has entered into a securities purchase agreement with certain investors to raise up to around $105 million.

The private placement is being led by new investor, Venrock Healthcare Capital Partners, with significant participation by new and existing life sciences-focused investors including RA Capital Management, TCGX, BVF Partners, Vivo Capital, Spruce Street Capital, Adage Capital Partners and Checkpoint Capital.

Cidara intends to use the net proceeds from the private placement to fund research and development of product candidates, working capital and general corporate purposes.