CG Oncology dips after pricing stock offering

CG Oncology

13/12/2024 18:56

** Shares of cancer drug developer CG Oncology  CGON.O 
fall 0.5% to $28.72
    ** CGON late Thursday priced its stock offering of 8 mln
shares at $28/shr
    ** Offering priced at a 3% discount to stock's last close
    ** Investment firm ORI Capital parted ways with 700,000
shares while CGON sold 7.3 mln shares in the stock offering 
    ** Gross proceeds of roughly $204.4 mln from the offering
for CGON, which will use it to fund the development of its
experimental immunotherapy
    ** Morgan Stanley, Goldman Sachs, TD Cowen and Stifel were
the joint book-running managers for the offering
    ** CGON went public in New York in January after raising
$380 mln in its IPO at $19 offer price
    ** As of last close, CGON shares up 52% since debut on Jan.
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 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))