Aslan Pharma drops on deep-discounted share offering

Aslan Pharmaceuticals

03/12/2019 12:13

** U.S.-listed shares of Aslan Pharmaceuticals  ASLN.O  down
~46% premarket to $2.80 after co prices follow-on
    ** ASLN biggest pct loser across U.S. exchanges. Volume of
~630k shares as of 7:10 AM EST makes stock the most active
before the bell
    ** Singapore-based drug developer offers 5.1 mln ADSs at
$2.50, a 52% discount to stock's Mon close, for gross raise of
approx $12.8 mln  urn:newsml:reuters.com:*:nGNX5ltbDT
    ** ASLN more than doubled Mon to session high $8.18 on
promising data from early-stage study of its experimental
treatment ASLAN004 to treat eczema  urn:newsml:reuters.com:*:nGNX8ZB8KQ, but then pared
gains significantly after co around midday announced planned
equity raise. Shares closed Mon up 36.1% at $5.20  urn:newsml:reuters.com:*:nL1N28C10G
    ** Co intends to use net offering proceeds to fund clinical
development of ASLAN004 and ASLAN003, and for general corp
purposes
    ** On Nov 11, ASLN plunged 68% to then record low 67 cents
after its cancer drug trial failed mid-stage trial  urn:newsml:reuters.com:*:nL4N27R387
    ** Through Mon close, ASLN up 44% in 2019

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