Clene prices $40 mln equity offering after ALS drug update, shares tumble

Clene

16/06/2023 13:13

(Updates with offering price details)
    ** Clene Inc's  CLNN.O  shares tumble premarket 27.6% to
record low $0.76 as co raises equity following update on its
amyotrophic lateral sclerosis (ALS) drug
    ** Co early Fri announces 50 mln shares, along with two
tranches of warrants to buy additional shares, for $40 mln raise
    ** Offering prices at $0.80 vs stock's $1.05 close on Thurs
    ** Co late Thurs said its ALS 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
    ** ALS is a progressive nervous system disease that affects
nerve cells in the brain and spinal cord, causing loss of muscle
control
    ** Clene has ~78.39 mln shares outstanding and ~28.38 mln
shares of public float, per Refinitiv data
    ** 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))