TYME - Tyme falls after equity offer as quarterly data indicate liquidity pressure
Tyme Technologies (TYME) nearly doubled in value yesterday after the announcement of a patent win related to the company's experimental antiviral therapy for COVID-19, TYME-19.Then an equity offering of 40M common shares was announced to raise $100M gross proceeds, and thereafter, the company disclosed its Q3 results for fiscal 2021.Now the shares have lost more than a third as Tyme’s latest financial details highlight the challenges waiting for the company ahead of key clinical milestones.Tyme is enrolling patients for the TYME-88-Panc pivotal trial evaluating oral SM-88 for third-line pancreatic cancer. Meanwhile, PanCAN is enrolling patients in a Phase II/III registration-intent trial for oral SM-88 as second-line monotherapy for pancreatic cancer.In addition, the enrollment is in progress for an investigator-initiated Phase II trial for oral SM-88 as maintenance monotherapy in previously treated metastatic Ewing’s sarcoma and salvage monotherapy in clinically advanced sarcomas. More importantly, the company expects to initiate a proof-of-concept trial (RESPOnD) to evaluate TYME-19 in COVID-19.Yet,
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Tyme falls after equity offer as quarterly data indicate liquidity pressure