Compugen drops on deep-discounted, upsized stock deal

Compugen

12/03/2020 14:28

(Updates stock activity)
    ** Compugen Ltd  CGEN.O  shares down 31.6% at $8.09 after co
prices upsized follow-on at deep discount
    ** This as S&P 500 enters bear market, triggers trading halt
early Thurs  .N 
    ** Israeli cancer drug developer sells ~8.3 mln shares at
$9, 24% discount to stock's last sale on Weds, raises $75 mln
 urn:newsml:reuters.com:*:nPn7RxtJba
    ** Deal size boosted from ~$60 mln upon launch
    ** Prior to offering, CGEN had gained 26% this week, and
traded to as high as $12.80 on Tues, after co early Mon reported
positive data from clinical trial in patients with advanced
solid tumors  urn:newsml:reuters.com:*:nPn8zpGTga
    ** Last month, Compugen announced plans to start triple
combination study testing experimental treatment COM701, along
with Bristol-Myers Squibb's  BMY.N  Opdivo and BMS-986207
 urn:newsml:reuters.com:*:nL4N2AK43X
    ** Stock offering represents ~12% of CGEN's outstanding
shares, and roughly 17 days worth of trading volumes based on
90-DMA
    ** Co had $44 mln of cash at end-Dec
    ** CGEN had doubled YTD through Weds close
    

 (Reporting by Lance Tupper)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))