9 Meters Biopharma drops on stock offering

9 Meters Biopharma

31/03/2021 11:59

** 9 Meters Biopharma  NMTR.O  shares down ~20% and among
biggest losers before the bell as co looks to raise equity
    ** Gastrointestinal disease specialist late Tues announced
stock offering; deal size not disclosed  urn:newsml:reuters.com:*:nACS9txY8a
    ** Co plans to use net offering proceeds to advance clinical
development of NM-002 for treatment of short bowel syndrome,
continued development of larazotide for treatment of celiac
disease, and fund its pipeline programs, per SEC filing https://www.sec.gov/Archives/edgar/data/1551986/000155198621000038/a424b5preliminaryprospectu.htm#ia3217e258c0a46528afe1e438ad0ca87_22
    ** Citigroup, William Blair and Truist Secs jt bookrunners
    ** NMTR has ~$294 mln market cap, per Refinitiv data, and
~177 mln shares of free float
    ** Shares on Tues closed at $1.36 and have gained 58% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))