UBX - Unity Biotech sheds 9% on $25M common stock offering

• The shares of Unity Biotechnology ( NASDAQ: UBX ) lost ~9% in the post-market Tuesday after the clinical-stage biotech announced it started an underwritten public offering of $25M worth of its common stock.
• A decision to grant a 30-day option for underwriters is also under consideration allowing them to purchase up to an additional 15% of the shares of the common stock sold in the offering at the public offering price, less underwriting discounts and commissions.
• Unity ( UBX ) has selected SVB Securities, Cantor and Mizuho Securities as joint book-running managers for the proposed offering.
• The share issuance is subject to market and other closing conditions, the company said, adding that there is no assurance whether or when it will be completed or regarding the terms and actual size.
• UBX plans to use the proceeds for the ongoing clinical development of its lead asset UBX1325, including the BEHOLD and ENVISION studies and other general corporate purposes.

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