TNGX - Tango Therapeutics drops 15% on $80M private placement
2023-08-10 07:24:00 ET
- Clinical-stage biotechnology Tango Therapeutics ( NASDAQ: TNGX ) down 15% as the company will sell ~15.5M shares at a per share price of $5.15.
- The financing is expected to close on Friday, August 11, 2023.
- Gross proceeds from the private placement are anticipated to be ~$80M.
- Proceeds from the financing are expected to enable rapid expansion across multiple tumor types for the TNG908 and TNG462 PRMT5 programs, as well as maintain funding through proof-of-concept for each of its clinical-stage programs as the company awaits clinical data.
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Tango Therapeutics drops 15% on $80M private placement