$50M Private Placement Priced at $33.21, Led by Cormorant Asset Management
CUE has more than doubled off its 52-week low of $4.971 on light trading volume (0.2× avg).
Summary
Cue Biopharma priced a $50M private placement at $33.21 per share, a modest discount to the $40.4 market price, with shares up 6.7% on the news. The deal includes 1.4M shares and 87,500 pre-funded warrants, led by Cormorant Asset Management with new fund Columbia Threadneedle Investments joining. This follows a $28M placement completed in May and an S-3 shelf registration, signaling continued institutional demand for the biotech's clinical pipeline. Proceeds will fund clinical development and general corporate purposes, extending the cash runway. The financing is expected to close July 13.
At the time of this announcement, CUE was trading at $40.40 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $169.7M. The 52-week trading range was $4.97 to $45.50. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.