Kadmon Announces Closing of $80.4 Million Public Offerings and Full Exercise of Over-Allotment Option
September 28, 2017

NEW YORK — Kadmon Holdings, Inc. (NYSE:KDMN) today announced the closing of its previously announced public offerings for gross proceeds of approximately $80.4 million, which includes the full exercise of the underwriters’ option to purchase additional shares and warrants. The financing was led by respected biotech investors, including RA Capital Management, Vivo Capital and Acuta Capital, among others.

Proceeds from the offerings will be used to advance the development of Kadmon’s product candidates, including KD025, the company’s lead Rho-associated coiled-coil kinase (ROCK) inhibitor, which is currently in Phase 2 clinical studies in autoimmune and fibrotic disease indications.

“This financing is transformative for Kadmon and provides the resources to advance our various programs, in particular KD025 in chronic graft-versus-host disease and idiopathic pulmonary fibrosis, through multiple key inflection points,” said Harlan W. Waksal, M.D., President and CEO at Kadmon. “In parallel, we will continue to build our portfolio of preclinical ROCK inhibitors for the treatment of autoimmune, fibrotic and neurodegenerative diseases.”

“We have strengthened our balance sheet and expanded our investor base to include top biotech funds that participated based on the value of our scientific programs, validating our efforts to date,” said Konstantin Poukalov, CFO at Kadmon.

Closing occurred with respect to a total of 22,275,000 shares of common stock, with accompanying warrants to purchase an aggregate of 8,910,000 shares of common stock, including the full exercise of the over-allotment option, at a combined public offering price of $3.001 per share and accompanying warrant (the “Offerings”). The Offerings consisted of an underwritten offering (the “Underwritten Offering”) and a registered direct offering (the “Direct Offering”) to certain institutional investors. The closing of the remaining 4,500,000 shares of common stock and warrants to purchase 1,800,000 shares of common stock in the Direct Offering is expected to occur on or about October 10, 2017.

Jefferies LLC and Piper Jaffray & Co. acted as the joint book-running managers for the Underwritten Offering. H.C. Wainwright & Co., LLC acted as the lead manager for the Underwritten Offering.

The securities described above were offered pursuant to a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission (the “SEC”) on August 11, 2017. The Offerings were conducted only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement and accompanying prospectus relating to the Offerings have been filed with the SEC and are available on the SEC’s website at Copies of the final prospectus supplement and the accompanying prospectus relating to the Underwritten Offering may also be obtained by request at Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 821-7388, or by email at; or at Piper Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, telephone: (800) 747-3924, email:

This news release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation, or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Kadmon Holdings, Inc.
Kadmon Holdings, Inc. is a fully integrated biopharmaceutical company focused on developing innovative products for significant unmet medical needs. We have a product pipeline focused on autoimmune and fibrotic diseases.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements regarding the closing of the Offerings and the anticipated use of proceeds of the Offerings. Such statements may be preceded by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We believe that these factors also include, but are not limited to, (i) the initiation, timing, progress and results of our preclinical studies and clinical trials, and our research and development programs; (ii) our ability to advance product candidates into, and successfully complete, clinical trials; (iii) our reliance on the success of our product candidates; (iv) the timing or likelihood of regulatory filings and approvals; (v) our ability to expand our sales and marketing capabilities; (vi) the commercialization of our product candidates, if approved; (vii)the pricing and reimbursement of our product candidates, if approved; (viii) the implementation of our business model, strategic plans for our business, product candidates and technology; (ix) the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology; (x) our ability to operate our business without infringing the intellectual property rights and proprietary technology of third parties; (xi) costs associated with defending intellectual property infringement, product liability and other claims; (xii) regulatory developments in the United States, Europe and other jurisdictions; (xiii) estimates of our expenses, future revenues, capital requirements and our needs for additional financing; (xiv) the potential benefits of strategic collaboration agreements and our ability to enter into strategic arrangements; (xv) our ability to maintain and establish collaborations or obtain additional grant funding; (xvi) the rate and degree of market acceptance of our product candidates; (xvii) developments relating to our competitors and our industry, including competing therapies; (xviii) our ability to effectively manage our anticipated growth; (xix) our ability to attract and retain qualified employees and key personnel; (xx) our ability to achieve cost savings and other benefits from our efforts to streamline our operations and to not harm our business with such efforts; (xxi) our expectations regarding the period during which we qualify as an emerging growth company under the JOBS Act; (xxii) statements regarding future revenue, hiring plans, expenses, capital expenditures, capital requirements and share performance; (xxiii) litigation, including costs associated with prosecuting or defending pending or threatened claims and any adverse outcomes or settlements, whether or not covered by insurance; (xxiv) the public offering; (xxv) the future trading price of the shares of our common stock and impact of securities analysts’ reports on these prices; and/or (xxvi) other risks and uncertainties. More detailed information about Kadmon and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed pursuant to Section 13 of the Securities Exchange Act of 1934, as amended, with the SEC on the date hereof. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

For Kadmon Holdings, Inc.
Ellen Tremaine, 646-490-2989
Investor Relations
Maeve Conneighton, 212-600-1902