Bicycle Therapeutics edges up after pricing $200 mln share offering

Bicycle Therapeutics

13/07/2023 13:58

** Shares of Bicycle Therapeutics plc  BCYC.O  up 0.9% at
$22.20 before the bell after UK-based biotech's overnight
follow-on prices
    ** 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
    ** BCYC has lost 13.5% amid 2-session losing streak and is
off ~26% YTD
    ** 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))