Matinas BioPharma drops on deep-discounted stock deal

Matinas BioPharma Holdings

10/01/2020 13:17

** Matinas BioPharma Holdings Inc  MTNB.K  shares down 11%
at $1.70 premarket after co prices follow-on
    ** Co offers 32.26 mln shares at $1.55, ~19% discount to
stock's Thurs close, for $50 mln raise  urn:newsml:reuters.com:*:nGNX82mXgd
    ** MTNB to use net proceeds for ongoing development
activities for its product candidates, primarily MAT9001, its
omega-3 fatty acid-based drug
    ** Deal represents a fifth of co's total shares outstanding
    ** Piper Sandler acted as sole lead active bookrunner,
joined by SunTrust also as bookrunner
    ** Co's stock jumped 16.5% on Thurs, extending advance to
~150% over past one year    
    ** All 4 brokerages covering stock recommend buying with
median PT of $4 (Refinitiv data)

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