CG Oncology falls after unveiling stock offering

CG Oncology

11/12/2024 11:57

** Shares of cancer drug developer CG Oncology  CGON.O  fall
4.8% to $32.09 premarket
    ** CGON unveils proposed public offering wherein the
late-stage drug developer along with an existing shareholder
plans to sell shares
    ** Co is offering 7.3 mln shares, while investment firm ORI
Capital is selling 700,000 shares in the proposed offering
    ** CGON's experimental immunotherapy has shown promise in
bladder cancer, researchers reported last week   
    ** Co plans to use the proceeds to fund the development of
its experimental immunotherapy
    ** Morgan Stanley, Goldman Sachs, TD Cowen and Stifel are
the joint book-running managers for the offering 
    ** Co has 67.6 mln outstanding shares and $2.28 bln market
capitalization - LSEG data 
    ** CGON debuted on the Nasdaq in January after an upsized
$380 mln offering at $19 IPO price   
    ** As of last close, CGON shares up 77.4% since debut on
Jan. 25

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))