Corbus Pharmaceuticals Holdings, a clinical-stage drug development company pioneering transformative medicines that target the endocannabinoid system, announced it has received an aggregate of $71 million in gross proceeds from its at-the-market (ATM) offering coupled with the execution of a $50 million debt financing facility with K2 HealthVentures (K2HV), a healthcare-focused specialty finance company.

Pursuant to the previously disclosed $75 million ATM facility, Corbus has sold 9,167,080 shares at a weighted average price of $7.70 per share.

Jefferies, LLC is serving as sales agent for the ATM offering.

On July 28, 2020, Corbus entered a debt financing facility with K2HV pursuant to which K2HV agreed to provide up to $50 million to Corbus. Corbus received the first $20 million tranche upon signing the debt financing agreement and has the option to draw $20 million from the second tranche and $10 million from the third tranche, in each case upon achievement of certain regulatory and developmental milestones. K2HV is an alternative investment firm that partners with innovative life sciences and healthcare companies whose success will positively impact and improve outcomes for patients.

“Our partnership with K2 HealthVentures combined with the proceeds from our ATM transaction strengthens Corbus’ balance sheet, providing us with a meaningful cash runway and increasing our ability to have strategic flexibility post data,” commented Yuval Cohen, Ph.D., Chief Executive Officer of Corbus.

Morgan Stanley & Co. LLC acted as sole placement agent for the debt financing.