Codiak BioSciences down after pricing stock offer at discount

Codiak BioSciences,.

13/09/2022 11:41

** Drug developer Codiak BioSciences Inc's shares  CDAK.O 
slump 13.7% to $1.4 before the bell 
    ** Co late on Monday announced a $20 mln stock offering of
over 13.3 mln shares and accompanying warrant. Early on Tuesday
it pegged the offer's combined price at $1.5 per share, a 10.2%
discount to its last close  urn:newsml:reuters.com:*:nGNX4cj1pV  
    ** Offering expected to close on Sept 15; Jefferies is sole
book-runner
    ** Shares have lost 25% since co announced plans to cut 37%
of its workforce, paused development of two cancer drug
candidates ready for mid-stage study  urn:newsml:reuters.com:*:nL4N30641I
    ** Co has ~22.66 mln shares outstanding and ~22.48 mln of
free float, per Refinitiv data
    ** Up to Monday's close, stock had fallen ~85% YTD 

 (Reporting by Khushi Mandowara)
 ((Khushi.Mandowara@thomsonreuters.com;))