KINDRED BIOSCIENCES, INC. (NASDAQ:KIN) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
KINDRED BIOSCIENCES, INC. (NASDAQ:KIN) Files An 8-K Entry into a Material Definitive Agreement
At Market Issuance Sales Agreement
On December 19, 2016, Kindred Biosciences, Inc. (“we,” “our” or the “Company”) entered into an at market issuance sales agreement (the “sales agreement”) with FBR Capital Markets & Co. (the “Agent”) to which we may offer and sell from time to time through the Agent, acting as agent, shares of our common stock, $0.0001 par value per share, having an aggregate offering price of up to $30.0 million. The offer and sale of our shares through the Agent will be registered to our Registration Statement on Form S-3 filed with the Securities and Exchange Commission, or “SEC,” on January 16, 2015 and declared effective by the SEC on January 30, 2015, and are described in detail in the related base prospectus, dated January 30, 2015 and prospectus supplement, dated December 19, 2016, included as part of our Registration Statement.
Under the sales agreement, the Agent may sell shares of our common stock by any method permitted by law deemed to be an “at-the-market” offering as defined in Rule 415 of the Securities Act of 1933, as amended, including, but not limited to, sales made directly on The NASDAQ Capital Market, on any other existing trading market for our common stock or to or through a market maker other than on an exchange or otherwise, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices, and/or any other method permitted by law. The Agent has agreed in the sales agreement to use its commercially reasonable efforts consistent with its respective normal trading and sales practices to sell shares in accordance with our instructions (including any price, time or size limit or other customary parameters or conditions we may impose).
We have agreed to pay the Agent a commission rate of 3.0% of the gross sales price per share of any of our shares of common stock sold through the Agent under the sales agreement. We also have agreed to reimburse the Agent for legal fees and disbursements, not to exceed a total of $25,000,>incurred by it in connection with the negotiation and preparation of the sales agreement and have provided the Agent with customary indemnification rights.
The offering to the sales agreement will terminate upon the sale of all shares subject to the sales agreement or the earlier termination of the sales agreement as permitted therein.
A copy of the sales agreement is incorporated by reference herein as Exhibit 10.1, and the foregoing summary of the sales agreement is qualified by reference to such exhibit.
TroyGould PC, counsel to the Company, has issued an opinion to the Company, dated December 19, 2016, regarding the validity of the shares of common stock to be issued and sold to the sales agreement. A copy of the opinion is filed as Exhibit 5.1 to this Current Report on Form 8-K.
This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of any offer to buy the securities discussed herein, nor shall there be any offer, solicitation, or sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
We are filing as part>of this report the exhibits listed on the accompanying Index to Exhibits, which information is incorporated herein by reference.
About KINDRED BIOSCIENCES, INC. (NASDAQ:KIN)
Kindred Biosciences, Inc. is a development-stage biopharmaceutical company. The Company is focused on developing therapies for pets. The Company’s product pipeline consists of small molecules and biologics for a range of indications in dogs, cats and horses. The Company is developing product candidates for over 20 indications and focused on small molecule products and canine and feline biologics products. The Company is developing antibodies that targets canine Interleukin 17A (IL-17a), Interleukin 4A (IL-4Ra), Interleukin 3 (IL-3), CD-20, Immunoglobulin E (IgE), tumor necrosis factors (TNF) and other validated targets. The Company’s lead product candidates are Zimeta, which is indicated for the treatment of fever in horses, and KIND-010 for management of weight loss in cats. The Company’s other product candidates include KIND-010, KIND-014, KIND-015, KIND-510, KIND-502, KIND-0888, KIND-509, and several antibodies that target cytokines involved in atopic dermatitis. KINDRED BIOSCIENCES, INC. (NASDAQ:KIN) Recent Trading Information
KINDRED BIOSCIENCES, INC. (NASDAQ:KIN) closed its last trading session down -0.20 at 4.80 with 27,654 shares trading hands.
Kindred Biosciences, Inc. is a development-stage biopharmaceutical company. The Company is focused on developing therapies for pets. The Company’s product pipeline consists of small molecules and biologics for a range of indications in dogs, cats and horses. The Company is developing product candidates for over 20 indications and focused on small molecule products and canine and feline biologics products. The Company is developing antibodies that targets canine Interleukin 17A (IL-17a), Interleukin 4A (IL-4Ra), Interleukin 3 (IL-3), CD-20, Immunoglobulin E (IgE), tumor necrosis factors (TNF) and other validated targets. The Company’s lead product candidates are Zimeta, which is indicated for the treatment of fever in horses, and KIND-010 for management of weight loss in cats. The Company’s other product candidates include KIND-010, KIND-014, KIND-015, KIND-510, KIND-502, KIND-0888, KIND-509, and several antibodies that target cytokines involved in atopic dermatitis. KINDRED BIOSCIENCES, INC. (NASDAQ:KIN) Recent Trading Information
KINDRED BIOSCIENCES, INC. (NASDAQ:KIN) closed its last trading session down -0.20 at 4.80 with 27,654 shares trading hands.
