CymaBay looks to raise $85M as liv­er drug's PhI­II read­out looms

Bay Area biotech CymaBay Ther­a­peu­tics is look­ing to start the year with more cash in its pock­ets.

CymaBay an­nounced on Tues­day that it is plan­ning to sell 10,000,000 shares of com­mon stock at $7.00 per share. If all goes well, the sale is ex­pect­ed to bring in around $85 mil­lion, with the of­fer­ing clos­ing on Jan. 26.

CymaBay plans to use the funds for the de­vel­op­ment of one of its pri­ma­ry can­di­dates, se­ladel­par, a per­ox­i­some pro­lif­er­a­tor-ac­ti­vat­ed re­cep­tor. Se­ladel­par was once test­ed for non­al­co­holic steato­hep­ati­tis (NASH), but is now po­si­tioned sole­ly to treat pa­tients with pri­ma­ry bil­iary cholan­gi­tis (PBC), an au­toim­mune dis­ease in the liv­er. CymaBay al­so plans to use some funds for oth­er gen­er­al pur­pos­es that were not spec­i­fied.”

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