CymaBay raises $22 million in follow-on

CymaBay Therapeutics Inc. (NASDAQ:CBAY) raised $22 million through the sale of 4 million shares at $5.50 in a follow-on underwritten by Cowen; Stifel; Roth Capital Partners; and National Securities. CymaBay's arhalofenate ( MBX-102) is in a Phase IIb trial to treat gout, with data expected in 1H15. The compound is a uricosuric agent.

Last week, CymaBay (formerly Metabolex Inc.) said it planned to sell 3.5 million shares in the offering. In April, the company proposed to raise up to $30 million and said it planned to move its listing to NASDAQ. CymaBay -- which began trading on NASDAQ last month -- became a publicly reporting company via the Form 10 pathway in October and began trading on the OTCQB in January. ...