Adicet Bio rises after $85 mln equity offering priced

ADICET Bio

23/01/2024 14:24

** Adicet Bio's  ACET.O  stock up 6% premarket as co raises
equity
    ** CAR-T cell therapy firm late Mon sold ~35.5 mln shares,
including ~8.4 mln pre-funded warrants, for $85.2 mln gross
raise
    ** Offering priced at $2.40, ~3% discount to stock's $2.48
last sale
    ** Co had targeted $75 mln raise upon deal launch late Mon
    ** It intends to use net offering proceeds primarily to fund
clinical development of ADI-001, along with other pipeline
candidates
    ** Earlier this month, co said plans to start early-stage
study of ADI-001 in Q2 to test therapy in patients with lupus
nephritis, a disease in which the body's immune system attacks
the kidney
    ** Co has ~43.1 mln shares outstanding
    ** Stock up 31% YTD through Mon, following 79% drop in 2023
    ** Jefferies and Guggenheim acting as jt bookrunners for the
equity offering

 (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))