$50M Private Placement Priced at $33.21/Share, Cormorant and Columbia Threadneedle Lead
CUE has more than doubled off its 52-week low of $4.971.
Summary
Cue Biopharma raised ~$50M in a private placement from institutional investors Cormorant Asset Management and Columbia Threadneedle Investments. The deal prices 1,418,071 common shares at $33.21 and 87,500 pre-funded warrants at $33.209, a modest discount to the $36.77 market price. This follows a $28M placement in May and a recent reverse split, reflecting continued capital needs. The company must file a resale registration statement within 30 days, which could pressure the stock as those shares become freely tradable. The financing extends the cash runway but adds dilution; the shelf registration from June suggests more sales could follow.
At the time of this announcement, CUE was trading at $36.77 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $154.5M. The 52-week trading range was $4.97 to $45.50. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Wiseek News.