Avenue Therapeutics slumps on $12 mln public offering of shares

Avenue Therapeutics

07/10/2022 13:20

** Avenue Therapeutics' shares  ATXI.O  slump 60% to $2.50
premarket
    ** Co looking to raise $12 million through public offering
of 3.6 mln shares and 3.6 mln warrants  urn:newsml:reuters.com:*:nGNX7wThBq
    ** Co to sell one share and one warrant at a combined
purchase price of $3.30 per unit
    ** Offer expected to close on Tuesday
    ** ATXI plans to use proceeds from the offering to 
repurchase all shares held by Indian company Cipla Ltd's
 CIPL.NS  unit InvaGen Pharmaceuticals Inc
    ** ATXI's share repurchase plan follows termination of its
agreement to be acquired by InvaGen (https://bit.ly/3fJKngF)
    ** InvaGen holds 25.93% stake in ATXI, which has 1.5 mln
outstanding shares - Refinitiv data
    ** Up to Thursday's close, stock had fallen ~54% YTD
 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))