2023-03-29 07:13:03 ET
- After rising ~99% in the previous session, Biomea Fusion ( NASDAQ: BMEA ) dipped in the pre-market Wednesday after the clinical-stage biotech announced the launch of an underwritten public offering of $125M 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 ~$18.8M of the shares of the common stock sold in the offering.
- Biomea ( BMEA ) has selected J.P. Morgan, Citigroup, Oppenheimer, and Barclays as joint book-running managers for the proposed offering.
- The company said the offering is subject to market and other closing conditions and added that there is no assurance whether or when it will be complete or regarding the terms and actual size.
- The share issuance comes a day after Biomea ( BMEA ) disclosed positive results for its experimental therapy BMF-219 indicating that 89% of Type 2 diabetes patients in one cohort of a Phase 2 trial showed a decline in blood glucose levels after four weeks of therapy.
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Biomea ends rally on $125M common stock offering