Bicycle Therapeutics bounces after $200 mln equity raise

Bicycle Therapeutics

13/07/2023 18:30

(Updates)
    ** Shares of Bicycle Therapeutics plc  BCYC.O  up 18.0% to
$25.97 and top Nasdaq Biotech index  .NBI  performers on Thurs
after UK-based biotech raises equity
    ** BCYC on course for biggest one-day pct gain since Apr 8,
2022, and snapping 2-session decline that saw stock shed 13.5%
    ** Cancer-focused firm late Weds announced ~9.4 mln ADSs at
$21.25, 3.4% discount to last sale
    ** It plans to use net offering proceeds to fund continued
proprietary drug pipeline development, R&D
    ** Co estimates it had cash/cash equivalents of approx $340
mln as of Jun 30, per the SEC filing
    ** With ~30 mln shares outstanding, co has ~$661 mln market
cap through Weds
    ** YTD, BCYC down 12% including move on Thurs
    ** Goldman Sachs, Jefferies and Leerink Partners acting as
jt bookrunners for equity offering

 (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))