Crescent Biopharma Closes $143.7M Offering, Full Overallotment Exercised
CBIO sits 73% above its 52-week low of $8.72 on elevated volume (2.5× avg).
Summary
Crescent Biopharma closed its public offering, raising approximately $143.7 million in gross proceeds after the underwriters fully exercised their option to purchase additional shares. The final deal included 9,387,896 ordinary shares at $14.50 each and pre-funded warrants for 525,897 shares at $14.499 each. This follows the July 14 launch and July 15 pricing of the offering, with the overallotment exercise adding about $18.8 million to the originally announced $125 million deal. The company, which had $171.6 million in cash at the end of Q2, now has a significantly strengthened balance sheet to fund its oncology pipeline, including the lead PD-1 x VEGF bispecific antibody program.
At the time of this announcement, CBIO was trading at $15.11 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $416.6M. The 52-week trading range was $8.72 to $27.41. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.