KalVista Pharmaceuticals (KALV) Prices 5.5M Share Offering at $10/sh

KalVista Pharmaceuticals, Inc. (Nasdaq: KALV) (“KalVista”) today announced the pricing of an underwritten offering of 5,500,000 shares of its common stock at a price of $10.00 per share to certain investors (the “Offering”). The gross proceeds to KalVista from the Offering are expected to be $55 million, before deducting underwriting discounts, commissions and other offering expenses payable by KalVista.

Concurrently with the Offering, KalVista has entered into a securities purchase agreement with DRI Healthcare Acquisitions LP (“DRI”), an accredited investor affiliated with DRI Healthcare Trust, pursuant to which KalVista agreed to offer and sell and DRI agreed to purchase 500,000 shares of KalVista common stock in a private placement (the “Private Placement”) at a price per share equal to that of the public offering price. Gross proceeds to KalVista are expected to be $5 million, before deducting fees to the placement agents and other offering expenses payable by KalVista. The common stock sold in the Private Placement will not be registered as part of the Offering. The consummation of the Offering and the Private Placement are not contingent upon each other.

KalVista intends to use the net proceeds from the Offering and the Private Placement, along with the proceeds from our previously announced synthetic royalty transaction and existing cash and cash equivalents, to fund the continued clinical development of its product candidate sebetralstat and activities related to its planned commercialization following approval. The remainder of the net proceeds, if any, will be used for general corporate purposes.

All of the shares of common stock are being offered by KalVista. The Offering and Private Placement are expected to close on November 5, 2024, subject to the satisfaction of customary closing conditions.

Jefferies, BofA Securities, TD Cowen and Stifel are acting as the joint book-running managers for the Offering and as the joint placement agents for the Private Placement.

Jones is acting as financial advisor for the Offering.

The Offering is being made pursuant to a shelf registration statement (File No. 333-280759) on Form S-3 that was filed by KalVista with the Securities and Exchange Commission (“SEC”) on July 11, 2024 and declared effective by the SEC on July 19, 2024. A prospectus supplement and accompanying prospectus relating to and describing the terms of the Offering was filed with the SEC and is available on the SEC’s website at www.sec.gov. A copy of the prospectus supplement relating to the Offering, when available, may be obtained by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, by telephone at 877-821-7388 or by email at [email protected]; BofA Securities, NC1-0220-02-25, Attention: Prospectus Department, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, or by email at [email protected]; TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, New York 10017, by telephone at (855) 495-9846, or by email at [email protected]; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at (415) 364-2720 or by email at [email protected]. Electronic copies of the final prospectus supplement and accompanying prospectus will also be available on the SEC’s website at www.sec.gov.

The securities being issued and sold in the Private Placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state’s securities laws, and are being issued and sold in reliance on Section 4(a)(2) of the Securities Act promulgated thereunder. The securities may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of KalVista, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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