Immunotherapy biotech Atreca slides on $125 mln share offering

Atreca

16/07/2020 13:57

** Atreca Inc  BCEL.O  shares down 15.9% at $15.50 premarket
after co prices follow-on
    ** Cancer drug developer sells 7.8 mln shares (7.03 mln
Class A, ~781k Class B) for $125 mln raise  urn:newsml:reuters.com:*:nGNX3WL5q1
    ** Offer price of $16 represents ~13% discount to stock's
Weds close
    ** Co to use net proceeds to fund continued R&D and
development of lead candidate, ATRC-101, and other early-stage
product candidates
    ** Early Thurs, co says estimates it has ~$149 mln of
cash/cash equivalents and investments as of Jun 30  urn:newsml:reuters.com:*:nEOL82ttzw
    ** Atreca has 22.2 mln Class A shares outstanding for $409
mln market cap, per Refinitiv data
    ** Cowen, Evercore and Stifel, Nicolaus acting as jt
book-runners for offering
    ** Atreca went public in Jun 2019 at $17/sh

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))