Humacyte tumbles as stock offering priced at steep discount

Humacyte

01/03/2024 13:20

** Shares of Humacyte  HUMA.O  down 28.3% at $3.12 before
the bell as biotech firm's follow-on offering priced at a steep
discount
    ** HUMA late Thurs said sold 13.4 mln shares at $3, 31%
discount to stock's last sale, for $40.2 mln gross raise
    ** Co plans to use net proceeds to advance its regenerative
medicine pipeline, support FDA review of application seeking
approval for its bioengineered human acellular vessels (HAVs)
    ** HUMA's shares closed at $3.14 on Feb 8, a day before FDA
granted priority review for co's blood vessel replacement
implant for patients who have suffered vascular trauma
    ** FDA to announce decision on co's HAVs in Aug
    ** HUMA has ~103.58 mln shares outstanding for ~$450 mln
market cap, and ~66 mln shares of free float, per LSEG data
    ** Through Thurs close, stock up 53% YTD
    ** TD Cowen and Cantor Fitzgerald joint book-running
managers for stock offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))