Cidara Therapeutics, Inc. (Nasdaq: CDTX) announced its intent to raise $30.0 million through a fully backstopped rights offering. Under the terms of the rights offering, investors as of January 21, 2020 in Cidara’s common stock and preferred stock, as well as the holders of Cidara’s warrants issued on May 21, 2018, will receive a subscription right entitling them to purchase their pro rata share of the $30.0 million offering amount. The rights offering will be fully backstopped by BVF Partners L.P. and Stonepine Capital, LP, each of which have agreed to purchase, at a minimum, its respective as-converted pro rata share of the offering amount, plus an additional amount of securities that are not subscribed for by other purchasers in the rights offering, for a total of up to $30.0 million. Under the proposed rights offering (the “Rights Offering”), Cidara plans to distribute non-transferable subscription rights to purchase a portion of a share of Cidara’s common stock (“Common Stock”) for each outstanding share of Common Stock, Common Stock issuable upon conversion of the outstanding shares of Cidara’s Series X convertible preferred stock (“Series X Preferred”), and Common Stock issuable upon the exercise of Common Stock Purchase Warrants issued by Cidara on May 21, 2018 (“Warrants”), at $2.51 per share, which is a 15% discount to the 30-day volume weighted average price of Cidara’s common stock, to such security holders of record as of the close of business on January 21, 2020 (the “Record Date”). Cantor Fitzgerald & Co. will serve as financial advisor to Cidara in the rights offering.