PHAT - Phathom shares jump 10% after pulling plug on proposed capital raise

Phathom Pharmaceuticals (NASDAQ:PHAT) shares rise more than 10% premarket after the company announced the withdrawal of its previously announced primary and secondary public offering. The company had cash and cash equivalents of $225M as of September 30, 2021. Phathom expects cash on hand together with the drawdown of the remaining $100M under our term loan facility will be sufficient to fund our operations into mid-2023. The company had commenced an underwritten public offering of 5M shares, earlier this month.

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Phathom shares jump 10% after pulling plug on proposed capital raise