Clene launches equity offering after ALS drug update, shares tumble

Clene

16/06/2023 11:16

** Clene Inc's  CLNN.O  shares tumble premarket 18.1% to
near record low $0.86 as co looks to raise equity following
update on its amyotrophic lateral sclerosis (ALS) drug
    ** Co late Thurs said the drug, CNM-Au8, showed reduction in
levels of an indicator believed to be tied with the disease
progression in mid-stage trial
    ** Clene said it's exploring potentially filing marketing
application for the drug with the U.S. FDA
    ** Co also announced planned stock-and-warrants offering to
fund clinical development of CNM-Au8 with Canaccord as sole
bookrunner; deal size not disclosed
    ** Clene has ~78.39 mln shares outstanding and ~28.38 mln
shares of public float, per Refinitiv data
    ** ALS is a progressive nervous system disease that affects
nerve cells in the brain and spinal cord, causing loss of muscle
control
    ** Through Thurs close, CLNN up 5% YTD but has shed 60% over
the past 12 months

 (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))