Dice Therapeutics slips after pricing upsized $300 mln stock deal

Dice Therapeutics

13/10/2022 12:27

** Dice Therapeutics Inc's  DICE.O  shares down 1.3% at
$38.50 premarket after co raises more equity than planned
    ** Biopharma late Weds sold ~8.2 mln shares at $36.50 for
$300 mln raise  urn:newsml:reuters.com:*:nGNX2fMGDn
    ** Deal size boosted from $250 mln, prices at 6.4% discount
to stock's last close
    ** DICE on Tues soared to record high of $45.99 before
ending session up 62% at $40.00 after it experimental psoriasis
drug showed clinical proof-of-concept in early-stage study
 urn:newsml:reuters.com:*:nL4N31C2OB
    ** Co to use net offering proceeds to launch Phase IIb trial
for the drug early next year; it estimates it had ~$267 mln of
cash/marketable securities at end-Sept, per the prospectus
filing
    ** DICE has current market cap of $1.5 bln
    ** BofA, SVB Securities, Evercore and Guggenheim jt
bookrunners for offering
    ** Co went public in Sept 2021 IPO priced at $17
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))