Acumen slides on planned equity raise to fund Alzheimer's drug development

Acumen Pharmaceuticals

18/07/2023 17:20

** Acumen Pharmaceuticals Inc's  ABOS.O  shares down 18.2%
at $7.95 on Tues as co looks to raise equity to fund its
experimental Alzheimer's disease drug
    ** ABOS shares on Mon soared ~55% to $9.72 after co on Sun
said its drug candidate, ACU193, was well tolerated in
early-stage study
    ** After the bell Mon, co launched $100 mln stock offering
to fund Phase 2 portion of a future, potential trial for the
drug
    ** BofA, Citigroup and Stifel jt bookrunners for offering,
slated to price Tues after market close
    ** Co has ~41 mln shares outstanding for roughly $325 mln
market cap
    ** With move on the session, stock up 47% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))