- Terns Pharmaceuticals ( NASDAQ: TERN ) stock rose ~31% on Aug. 12 after it priced an offering to raise ~$65M in gross proceeds.
- The company is offering 12.25M common shares at $2.42 apiece and, to certain investors in lieu of common stock, pre-funded warrants to buy 14.63M common shares at $2.4199 per pre-funded warrant, for gross proceeds of ~$65M.
- The company said the offering was oversubscribed and led by new investors Fairmount and Venrock Healthcare Capital Partners and included participation from existing healthcare investors.
- Terns intends to use the net proceeds to fund the clinical development of its drug candidates — TERN-701 for leukemia, TERN-601 for obesity, TERN-501 and TERN-101 for liver disease — and for working capital and general corporate purposes.
- The offering is expected to close on Aug. 16.
For further details see:
Terns stock soars 31% on pricing $65M stock/warrants offering