RAIN - Rain Therapeutics prices $50M stock offering
- Rain Therapeutics ( NASDAQ: RAIN ) priced a registered offering to raise ~$50M in gross proceeds.
- The company is offering ~6.86M common shares and ~1.72M shares of non-voting common stock, at $5.83 per share.
- Rain added that the shares of non-voting common stock are convertible into an equal number of common stock, subject to beneficial ownership limitations.
- The company granted the underwriters a 30-day overallotment option to buy up to an additional ~1.29M shares.
- Rain plans to use the net proceeds for clinical development, commercial launch preparation, working capital and general corporate purposes.
- The offering is expected to close around Nov. 8.
- Earlier in the day, the company reported preliminary data from a phase 2 trial showing antitumor activity of its drug milademetan.
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Rain Therapeutics prices $50M stock offering