Inozyme Pharma slips on $60 mln stock offering

Inozyme Pharma

28/07/2023 12:37

** Inozyme Pharma's  INZY.O  shares down 3% at $5.01 before
the bell as co raises equity
    ** Co late Thurs sold 12.5 mln shares at $4.80, 7.2%
discount to last sale
    ** Inozyme plans to use net offering proceeds to fund
development of lead drug candidate,  INZ-701, to treat rare
genetic disorders called ENPP1 and ABCC6 deficiencies, per the
SEC filing
    ** Co had ~46.4 mln shares outstanding as of Jun 30
    ** BofA, TD Cowen and Piper Sandler jt bookrunners for
offering
    ** INZY has fallen prior four sessions losing 26%. Stock
closed at $1.05 at end of 2022

 (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))