Graybug Vision Suspends Stock Offering Amid Proposed Public Offering of CalciMedica

Graybug Vision (NASDAQ:GRAY) faced a pivotal turn as CalciMedica, Inc., a clinical-stage biopharmaceutical company, announced the initiation of an underwritten public offering of its common stock, leading Graybug Vision to suspend offerings under an existing Sales Agreement. This development unfolded on October 30, 2024, when CalciMedica disclosed plans for the public offering, as documented in the SEC filing.

As per the SEC filing, Graybug Vision revealed that their estimates as of September 30, 2024, indicated cash, cash equivalents, and short-term investments totaling $14.6 million. However, these figures are preliminary and subject to change upon the completion of financial statement closing procedures. Graybug Vision anticipates filing its Quarterly Report on Form 10-Q for the period ending September 30, 2024, around November 14, 2024.

Particularly noteworthy in the filing was the suspension of offerings under the Sales Agreement by Graybug Vision. With the initiation of CalciMedica’s underwritten public offering, Graybug Vision chose to halt any stock sales in adherence to the Sales Agreement issued with the Securities and Exchange Commission (SEC) in 2023, involving H.C. Wainwright & Co., LLC. Graybug Vision emphasized that no sales will occur under the Sales Agreement until a new prospectus supplement is filed with the SEC, while confirming the agreement remains effective.

This announcement reiterated that the Current Report on Form 8-K does not constitute a solicitation to purchase, and any sales of securities would only be conducted through a written prospectus meeting regulatory standards. Furthermore, all forward-looking statements made in the report, including information about the underwritten offering, were acknowledged as subject to multiple factors, as detailed under “Risk Factors” in CalciMedica’s previous SEC filings.

In a cautionary statement, CalciMedica noted that forward-looking statements in the filing are valid only as of the date of the report and asserted their commitment to updating such statements as required by law. The information on the proposed public offering was illustrated, outlining the involvement of an underwriter and market-dependent conditions.

The exhibit attached to the filing, Exhibit 99.1, featured a detailed press release from CalciMedica, emphasizing the company’s focus on developing CRAC channel inhibition therapies for inflammatory and immunologic diseases. The press release outlined CalciMedica’s history, lead product candidate, proprietary technology, and ongoing clinical trials.

The 8-K filing reflects a significant strategic move by CalciMedica, impacting Graybug Vision’s current stock offerings and upcoming financial processes, which are closely monitored as the situation unfolds.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Graybug Vision’s 8K filing here.

About Graybug Vision

Graybug Vision, Inc, a clinical-stage biopharmaceutical company, focuses on the development of medicines for the treatment of diseases of the retina and optic nerve. The company's lead product candidate is GB-102, an intravitreal injection of a microparticle depot formulation of sunitinib that is in Phase I/IIa and IIb clinical trials for the treatment of wet age-related macular degeneration, as well as in Phase IIa clinical trial to treat diabetic macular edema.