By Chris Wack
Monte Rosa Therapeutics shares rose for the second session in a row, after the company said late Thursday that it raised $25 million at-the-market from a life sciences-dedicated investor.
The company’s shares were up 16%, to $3.22, midday Monday.
The stock hit its 52-week low of $2.44 on Friday, and is down 63% in the past 12 months. It closed Friday’s session up 11%.
The biotechnology company said Thursday it entered into a definitive agreement for the issuance and sale of pre-funded warrants to buy 10 million shares at an offering price of $2.4999 per pre-funded warrant.
The pre-funded warrants will be immediately exercisable, and may be exercised at any time until the pre-funded warrants are exercised in full.
Monte Rosa intends to use the proceeds from the offering toward its further advancement of its clinical and late preclinical pipeline.
Write to Chris Wack at [email protected]
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