2023-05-03 16:20:52 ET
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Reneo Pharmaceuticals ( NASDAQ: RPHM ) has commenced an underwritten public offering of its shares of common stock, the company said on Wednesday.
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Shares -10.8% at $8.80 after hours.
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Reneo intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock.
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All of the shares of common stock in the offering are to be sold by Reneo.
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Pricing and details of the number of shares to be offered were not disclosed.
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Reneo has also agreed to sell its shares of common stock to Abingworth Bioventures 8 LP for gross proceeds of up to $5 million in a concurrent private placement that is expected to close after the public offering.
For further details see:
Reneo Pharmaceuticals launches stock offering, shares fall 10%