- Gamida Cell (NASDAQ:GMDA) sold its $75M of 5.875% exchangeable senior notes due in 2026 to certain funds managed by Highbridge Capital Management.
- Proceeds along with proceeds of earlier sale of $75M ordinary shares in December 2020 are expected to provide Gamida Cell with sufficient liquidity to fund the company’s operations into the 2H22.
- These infusions will be used to support manufacturing, regulatory and commercial development activities for omidubicel and to further the preclinical and clinical development of GDA-201.
- "Moreover, these additional funds help us to advance clinical development of GDA-201 by enabling us to file an IND for this product candidate," CEO Julian Adams commented.
- The notes were sold at 100% of the principal amount and will accrue interest at a rate of 5.875% annually.
- Note holders can exchange notes for ordinary shares at an initial exchange rate of 56.3063 shares per $1,000 principal amount of notes.
- Shares trading 2.45% down premarket.