Calidi Biotherapeutics Inc. (NYSE American: CLDI), a clinical-stage biotechnology company, has completed an underwritten public offering generating $6.9 million in gross proceeds before commissions and expenses. The company sold 1,922,764 common stock units priced at $2.00 each and 1,528,000 pre-funded warrant units priced at $1.999 each, with Ladenburg Thalmann & Co. Inc. serving as sole book-running manager and Laidlaw & Company (U.K.) Ltd. as co-manager.
The financing represents a critical milestone for Calidi's development of targeted therapies designed to deliver genetic medicines to distal disease sites. The company's proprietary Redtail platform features an engineered enveloped oncolytic virus intended for systemic delivery to metastatic cancer locations. This technology aims to shield the virus from immune clearance, allowing effective delivery to tumor sites where it can induce tumor lysis and deliver potent gene therapies.
The capital infusion is particularly significant given the company's lead candidate, currently in IND-enabling studies, targets non-small cell lung cancer, ovarian cancer, and other tumor types with high unmet medical need. These cancer indications represent areas where current treatment options remain limited, and metastatic disease continues to challenge oncologists worldwide. Additional details about the company's progress are available at https://ibn.fm/CLDI.
For investors and the biotechnology sector, this successful offering demonstrates continued confidence in Calidi's approach to immuno-oncology. The full exercise of the underwriters' over-allotment option, comprising 450,000 additional common stock units, indicates strong market interest in the company's technology platform. The Series I warrants included in the offering, exercisable immediately at $2.00 per share with a five-year expiration, provide additional financial flexibility for future development.
The advancement of Calidi's protected virotherapies, which include clinical-stage programs for intratumoral and localized administration, addresses a critical gap in cancer treatment by focusing on delivering therapies directly to difficult-to-reach metastatic sites. This approach could potentially transform treatment paradigms for patients with advanced cancers who have limited options. The press release announcing the offering closure can be viewed at https://ibn.fm/FEy8z.
This funding round enables Calidi to accelerate its clinical programs and advance its novel therapeutic platform toward potential regulatory submissions and eventual patient access. The successful capital raise during a challenging market environment for biotechnology companies underscores the perceived value and potential impact of Calidi's technology in addressing significant unmet medical needs in oncology.
