COGT - Cogent Biosciences Reports Oversubscribed $225M PP
2024-02-14 09:31:30 ET
DENVER, Colo., Feb. 14, 2024 ( www.247marketnews.com )- Cogent Biosciences, Inc.? (NASDAQ: COGT ) reported, this morning, that it entered into a securities purchase agreement for a private investment in public equity financing in which Cogent will sell 17 million shares of its common stock at a price of?$7.50?per share, representing a premium of approximately 37% to its closing price on?February 13, 2024, along with Series B non-voting convertible Preferred Stock (the “Series B Preferred Stock”) convertible into approximately 13 million shares of its common stock that is expected to result in gross proceeds of approximately $225 million to the Company, before deducting placement agent fees and offering expenses.
“With this announcement, we put Cogent in an extremely strong financial position to move bezuclastinib rapidly through three ongoing registration-directed clinical trials and toward our ultimate goal of positioning it as the best-in-class KIT mutant inhibitor for patients living with systemic mastocytosis and gastrointestinal stromal tumors,” said Andrew Robbins, President and Chief Executive Officer of Cogent Biosciences. “We are excited to describe our new clinical data update from Part 1b of the SUMMIT clinical trial in patients with Nonadvanced Systemic Mastocytosis at the annual American Academy of Asthma, Allergy and Immunology (AAAAI) meeting later this month.”
COGT is trading at $8.33, up $2.87 (+52.56%), on 2.2M premarket shares.
Its 52-week range is $3.67 to $14.24. Today’s premarket high is $9.50.
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Cautionary Statement Regarding Forward Looking Information
Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.
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Cogent Biosciences Reports Oversubscribed $225M PP