Annexon drops after launching $125 mln stock offering to fund neurological disorder drug

Annexon

05/06/2024 13:25

** Shares of Annexon Inc  ANNX.O  down 5.3% at $5.67 in
premarket trading as it seeks equity raise
    ** Biopharma firm late Tues commenced $125 mln stock
offering
    ** ANNX shares on Tues closed up ~31% at $5.99 after co said
its neuromuscular disease drug, ANX005, succeeded in late-stage
study in patients with Guillain-Barré syndrome (GBS)
    ** Co to use net offering proceeds to fund advancement of
the drug in GBS, including through BLA (biologics license
application) submission with U.S. FDA, and for development of
other pipeline candidates
    ** It has ~92.4 mln shares outstanding for ~$554 mln market
cap, per LSEG data  
    ** JP Morgan, Jefferies, TD Cowen, BofA and Wells Fargo are
jt bookrunners for planned offering
    ** ANNX shares closed at $3.13 a year ago

 (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))