Innovate Biopharma: Surges on move to raise fund for late-stage Celiac study

9 Meters Biopharma

18/03/2019 14:25

** Shares of drug developer  INNT.O  more than doubled to
$4.43 after co announces securities purchase agreement to fund
initiation of late-stage Celiac study
    ** Enters into an agreement with SDS Capital Partners II LLC
and other investors to sell ~4.3 mln shares at a price of
$2.33/shr  urn:newsml:reuters.com:*:nGNXbkNK61
    ** Agreement also includes sale of warrants at a price of
$4/shr 
    ** Celiac disease, sometimes called sprue or coeliac, is an
immune reaction to eating gluten, a protein found in wheat,
barley and rye
    ** More than 1.9 mln shares traded, 7.3x times their 25-day
moving avg
    ** Including Monday's gains, stock up ~37 pct this year

 (Reporting by Aakash Jagadeesh Babu in Bengaluru)
 ((Aakash.B@thomsonreuters.com; within the U.S. +16462238780,
outside the U.S. +91  80 67491576; Reuters Messaging:
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