Cabaletta Bio climbs after pricing share offering

Cabaletta Bio

18/05/2023 14:23

** Cabaletta Bio Inc's  CABA.O  shares up 5.7% at $12.82
premarket after co prices overnight equity offering
    ** Autoimmune disease therapy developer late Weds said it
sold 7.25 mln shares at $12, 1.1% discount to last sale, for $87
mln gross raise
    ** Sources say co had targeted $75 mln raise upon launch
Weds after the bell
    ** Co plans to use net offering proceeds to help fund
expanded clinical development of CABA-201, advance manufacturing
capabilities in preparation for late-stage clinical trials and
commercial readiness
    ** On Tues, co announced FDA cleared its application to
begin trial for CABA-210 indicated to treat group of rare
conditions called myositis
    ** Co has ~31.4 mln shares outstanding for $380 mln market
cap
    ** Shares up 31% YTD and have more than tripled over the
past six months
    ** TD Cowen, Evercore and Guggenheim Secs jt bookrunners for
the 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))