Janux Therapeutics notches fresh record after $350 mln equity raise

Janux Therapeutics

05/12/2024 15:59

** Shares of Janux Therapeutics  JANX.O  gain >7% on Thurs
after co raises more equity than targeted in follow-on offering
  
    ** JANX shares rise as much as 7.3% to $71.71, surpassing
prior record intraday high of $71.25 hit on Tues. Stock last up
1.4% at $67.79
  
    ** Co late Weds  ~5.6 mln shares, including pre-funded
warrants to buy 238,095 shares, at $63 for $350 mln gross
proceeds
  
    ** Shares soared 49% to close at $59.86 on Tues, a day after
data for co's drug to treat prostate cancer  in early-stage
study
  
    ** After the bell Tues, co commenced $300 mln offering
  
    ** Co plans to use net offering proceeds to advance clinical
development of its internal pipeline products, and for general
purposes
  
    ** BofA, TD Cowen, Stifel and William Blair are jt
bookrunners 
  
    ** Prior to offering, co had ~52.3 mln shares outstanding
for about $3.5 bln market cap
  
    ** Stock ended 2023 at $10.73
  

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