BioAtla to sell 9.68M shares at 95.2c in registered direct offering

BioAtla (BCAB) has entered into definitive agreements with certain institutional investors for the issuance and sale of 9,679,158 shares of its common stock in a registered direct offering. Each share of common stock offered was sold with a warrant to purchase one share of common stock at an exercise price of $1.19 per share. Each warrant will be exercisable beginning six months after issuance and will expire 5.5 years from the date of issuance. The combined offering price per share of common stock and accompanying warrant is $0.9520. The closing of the offering is expected to occur on or about December 20, 2024, subject to the satisfaction of customary closing conditions. The gross proceeds to the Company from the offering are expected to be approximately $9.2 million, before deducting expenses related to the offering payable by the Company. The Company intends to use the net proceeds to be received by it in the offering, along with its existing cash and cash equivalents, to fund its research and development efforts, including to reach several key inflection points for its mid-stage clinical T-Cell Engager and Antibody Drug Conjugate programs: BA3182 Phase 1 dose escalation data and Phase 2 expansion data; and mecbotamab vedotin Phase 2B data in mutated KRAS non-small cell lung cancer, to support its partnering activities, and for working capital and other general corporate purposes. Tungsten Advisors acted as the sole placement agent for the offering.