By Chris Wack
Tenaya Therapeutics shares were up 25% at $5.54 after the company priced its underwritten offering of 8.9 million shares at $4.50 a share.
The stock hit its 52-week low of $1.66 on Oct. 27, but is up 103% in the past 12 months.
The biotechnology company is also offering to certain investors, in lieu of common stock, pre-funded warrants to buy up to 2.2 million shares at $4.499 per each pre-funded warrant.
The deal included participation from new and existing investors including The Column Group, RA Capital Management and Venrock Healthcare Capital Partners.
Before deducting the underwriting discounts and commissions and offering expenses, Tenaya expects to receive total gross proceeds of $50 million. The offering is expected to close on or about Monday.
Write to Chris Wack at [email protected]
Read the full article here
