TCON - Tracon to offer $3M worth of securities in private placement
2023-03-10 06:51:00 ET
- Cancer-focused biotech Tracon Pharmaceuticals ( NASDAQ: TCON ) has reached an agreement with the hedge fund Opaleye L.P. on March 09 to offer $3M worth of the company’s common stock and pre-funded warrants in a private placement.
- Per the terms, Opaleye has agreed to purchase ~174.5K shares of the common stock with a par value of $0.001 per share at a purchase price of $1.38 per share. Additionally, the investor will buy pre-funded warrants at $1.37 apiece to purchase ~2.0M shares of common stock.
- The private placement is expected to close on or about March 10, 2023, subject to customary closing conditions.
- Issuing a Hold rating onTracon ( TCON ), Seeking Alpha contributor Bret Jensen argued in November that the San Diego-based clinical stage biopharma’s candidate for soft tissue sarcoma, Envafolimab has certain advantages over other approved PD-L1 inhibitors.
For further details see:
Tracon to offer $3M worth of securities in private placement