Hillstream BioPharma plunges on deep-discounted equity offering

Canton Strategic Holdings

28/04/2023 11:30

** Hillstream BioPharma Inc's  HILS.O  shares down 51%
premarket after follow-on prices
    ** Cancer-focused biotech late Thurs said it sold 5.3 mln
shares at 50 cents for $2.65 mln raise with ThinkEquity as sole
bookrunner
    ** Stock on Thurs closed up ~54% at $1.09
    ** Co to use net offering proceeds to advance its lead
candidate, HSB-1216, which targets solid tumors, and other
pipeline product candidates
    ** HILS has 11.5 mln shares outstanding and ~5 mln shares of
public float, per Refinitiv
    ** Shares closed at 39 cents on Dec 30
    ** Co debuted in Jan 2022 after 3.75 mln share IPO priced at
$4

 (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))