BioAtla (BCAB) Sells 9.745M Shares at $6.67

BioAtla, Inc. (Nasdaq: BCAB) announced that it has agreed to sell 9,745,128 shares of its common stock at a price of $6.67 per share in an underwritten offering. The gross proceeds of the offering to BioAtla before deducting estimated underwriting discount and commissions and estimated offering expenses are expected to be approximately $65 million. The offering is expected to close on or about November 8, 2022, subject to the satisfaction of customary closing conditions.

BioAtla intends to use the net proceeds to be received by it in the offering, along with its existing cash and cash equivalents to fund our research and development efforts, including Phase 2 clinical trials and potential commercialization of mecbotamab vedotin (BA3011), Phase 2 clinical trials of ozuriftamab vedotin (BA3021), clinical development of BA3071, preclinical development of several of our other CAB candidates, and for working capital and other general corporate purposes.

Investors in the offering include Acuta Capital Partners, Adage Capital Partners, Cormorant Asset Management, EcoR1 Capital, Janus Henderson Investors, Soleus Capital and Vivo Capital.

J.P. Morgan Securities LLC is acting as sole book-running manager.

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