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PHILADELPHIA, Dec. 08, 2022 (GLOBE NEWSWIRE) — Cabaletta Bio, Inc. (“Cabaletta” or the “Company”) (Nasdaq: CABA), a clinical-stage biotechnology company focused on developing and launching the first curative targeted cell therapies for patients with autoimmune diseases, today announced that it has agreed to sell, by way of an underwritten public offering, pre-funded warrants, in lieu of common stock, to purchase 6,213,776 shares of common stock at a price of $5.51999 per pre-funded warrant and 126,815 shares of its common stock at a price of $5.52 per share, for expected aggregate gross proceeds of approximately $35 million, before deducting underwriting discounts and commissions and other estimated offering expenses. The purchase price per share of each pre-funded warrant represents the per share public offering price for the common stock, minus the $0.00001 per share exercise price of such pre-funded warrant. The offering is expected to close on December 12, 2022, subject to customary closing conditions. All of the securities are being offered by Cabaletta.
The oversubscribed offering involved participation from new and existing investors, including Venrock Healthcare Capital Partners, Adage Capital Partners LP, Cormorant Asset Management and an undisclosed life sciences-focused investment fund, among others.
Cell therapies have grown to become a prevailing field dominating new medical breakthroughs with the promise of treatments and cures for multiple diseases. The biopharma hubs of Philadelphia and Maryland have emerged as important drivers of this new wave of medicine, build on the foundation of renowned research institutes, universities, and a number of successful cell therapy companies who have paved the way forward in this field.
We have been covering the biomanufacturing workforce at length this year because it remains one of the most important topics for companies in today’s near full-employment job market.
As some are now calling it, the greater Philadelphia region, or ‘Cellecon Valley, is garnering a lot of attention these days as a rapidly emerging Biopharma cluster, earning a defining spot among the top 10 clusters in the US.
Philadelphia, the birthplace of cell and gene therapy, is home to a number of companies focused on developing multiple treatment options for rare diseases, those that affect less than 200,000 people in the United States.