IGM Biosciences surges after upsized equity raise

IGM Biosciences

22/06/2023 15:18

** IGM Biosciences Inc's  IGMS.O  stock jumps 12.8% to $9.99
and is top Nasdaq Biotech index  .NBI  performer early Thurs
after co raises more equity than targeted
    ** Co announces public offering of ~10.6 mln shares and
concurrent private placement of ~2.8 mln non-voting shares to
Redmile Group at $8 for combined gross raise of $107.3 mln
    ** Late Weds, co said it planned to raise $100 mln to fund
clinical development of product candidates for treatment of
cancer, autoimmune and inflammatory and infectious diseases
    ** Co has ~43.2 mln shares outstanding, and ~18 mln shares
of public float, per Refinitiv data
    ** IGMS shares on Weds fell for 3rd straight session,
posting record low close of $8.86. With move on Thurs, shares
down ~41% YTD
    ** BofA, Jefferies, Stifel, and Guggenheim acting as jt
bookrunners for public 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))