Aslan Pharma launches offering after stock more than doubles

Aslan Pharmaceuticals

02/12/2019 18:32

** U.S.-listed shares of Aslan Pharmaceuticals  ASLN.O  pare
gains after drugmaker announces follow-on
    ** ASLN more than doubled to $8.18 early Mon on promising
data from early-stage study of its experimental treatment
ASLAN004 to treat eczema  urn:newsml:reuters.com:*:nGNX8ZB8KQ. Stock recently up 41.9%
to $5.42
    ** "We had not anticipated to observe such pronounced
improvements in patients enrolled into the lowest dose cohort" -
ASLN R&D head Mark McHale
    ** Around midday, co commences offering of ADSs to fund
clinical development of ASLAN004 and ASLAN003, and for general
corp purposes; deal size not disclosed  urn:newsml:reuters.com:*:nGNX2mPYs
    ** H.C. Wainwright sole bookrunner for offering
    ** Separately, Piper Jaffray upgraded ASLN to "overweight"
from "neutral" and hiked PT to $8 from $1 following co's
ASLAN004 study results
    ** 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
    ** With Mon gain, ASLN up about 51% YTD

 (Reporting by Lance Tupper and Tamara Mathias)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017
Tamara.Mathias@thomsonreuters.com ; within U.S. +1 646 223 8780,
outside U.S. +91 806749 1208))