Eloxx Pharma drops on deep-discounted stock offering

Eloxx Pharmaceuticals

14/05/2021 12:26

(Updates with pricing details)
    ** Eloxx Pharmaceuticals  ELOX.O  shares down >16% premarket
after co prices follow-on
    ** Biopharma sells 33.3 mln shares at $1.35 for $45 mln
gross raise  urn:newsml:reuters.com:*:nGNX1fvn5h
    ** Offering prices at ~21% discount to stock's Thurs close
    ** B. Riley sole bookrunner
    ** Deal size represents ~70% of co's ~47.3 mln shares of
free float, per Refinitiv data
    ** Co's lead drug candidate, ELX-02, currently in Phase 2
clinical trials for treatment of cystic fibrosis
    ** YTD, ELOX shares down 57% YTD 

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))