ERAS - Erasca Announces Closing of Underwritten Offering of Common Stock and Full Exercise of the Underwriters' Option to Purchase Additional Shares | Benzinga
SAN DIEGO, May 21, 2024 (GLOBE NEWSWIRE) -- Erasca, Inc. (NASDAQ:ERAS), a clinical-stage precision oncology company singularly focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers, today announced the closing of an oversubscribed underwritten offering of 99,459,458 shares of its common stock, at a price of $1.85 per share, which includes the exercise in full by the underwriters of their option to purchase 12,972,972 additional shares. All of the shares in the offering were sold by Erasca. The gross proceeds to Erasca from the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses, were approximately $184.0 million.
Erasca intends to use the net proceeds from this offering, together with its existing cash, cash equivalents and marketable securities, to fund the research and development of its product candidates and other development programs and for working capital and other general corporate purposes.
J.P. Morgan and BofA Securities acted as joint book-running managers for the offering.
The securities described above were offered by Erasca pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was previously filed with the Securities and Exchange Commission (SEC) and was declared effective on ...