Centogene tumbles on planned share offer

Crown LiquidationCo NV in liquidatie

08/07/2020 16:24

** U.S.-listed shares of Germany-based Centogene  CNTG.O 
tumbling 17.7% to $19.46 after co launches follow-on. CNTG among
biggest Nasdaq % losers on Weds
    ** After the bell Tues, diagnostic and pharma co announced
3.5 mln share offering; Centogene offering 2 mln shares,
existing holders selling the balance  urn:newsml:reuters.com:*:nGNX7gNjwd
    ** Co says intends to use net proceeds for R&D to support
orphan drug development, among others uses
    ** Credit Suisse and SVB Leerink jt bookrunners for
offering, which is slated to price Thurs AMC
    ** On Thurs, U.S. FDA granted emergency use authorization to
co's COVID-19 molecular diagnostic test  urn:newsml:reuters.com:*:nGNX2PSs2Z
    ** In Apr, co launched swab sampling kit, CentoSwab, to
facilitate detection of SARS-CoV-2, which causes COVID-19
    ** ~78k U.S.-listed shares have traded, double the 30-DMA
volume
    ** Despite Weds move, shares have gained ~93% YTD
    ** Centogene raised $56 mln in its U.S. IPO of 4 mln shares,
which priced at $14

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))