Precision BioSciences falls after selling rights for lead therapy to Imugene

Imugene

16/08/2023 16:21

(Updates)
    ** Shares of Precision BioSciences  DTIL.O  down 8.5% to a
record low of $0.49
    ** Drug developer has completed transaction with Imugene
Limited  IMU.AX  for global rights of its lead cancer therapy 
    ** Under the agreement, DTIL to receive $227 million in
upfront and milestone payments
    ** Upfront cash and reduced operating expenses extend DTIL's
cash runway through Q3 2025 
    ** Co sees stock disruption when it pivots out of a
business, and investors have long associated Precision with
development of CAR-T cancer therapy and with the transaction the
co exited, said Justin Zelin, BTIG analyst
    ** Including session losses, stock down ~59% YTD

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))