NuCana drops on deep-discounted share offering

NuCana

17/09/2020 12:33

** NuCana  NCNA.O  down ~15% at $4.85 premarket as co raises
equity at deep discount
    ** UK-based biopharma sells ~15.6 mln ADSs at $4.50, ~21%
discount to stock's Weds close, raises $70 mln  urn:newsml:reuters.com:*:nGNE3hD32k
    ** Co to use net offering proceeds for development of
Acelarin for treatment of biliary tract cancer, and development
of experimental cancer treatments NUC-3373 and NUC-7738, per
prospectus filing https://www.sec.gov/Archives/edgar/data/1709626/000119312520247188/d19061d424b5.htm#supptoc19061_8
    ** Jefferies, Cowen, William Blair, and Truist jt
bookrunners for offering   
    ** Deal size represents about half of NCNA's free float, per
Refinitiv data
    ** YTD, NCNA down ~7% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com))