Odonate Therapeutics: Falls after pricing upsized stock deal

Odonate

26/06/2019 13:50

** Odonate Therapeutics Inc  ODT.O  falls 4.9% in light
premarket volume to $26.75 as co raises more equity than planned
    ** Cancer drug developer prices 4.75 mln shares at $25, a
7.5% discount to stock's Tues close, for gross raise of $123.5
mln  urn:newsml:reuters.com:*:nBw8PlMNQa
    ** Deal size increased from $100 mln; represents ~18% of ODT
shares outstanding as of Jun 20, per Refinitiv data
    ** Co to use net offering proceeds for development and
regulatory activities relating to tesetaxel, its chemotherapy
agent
    ** Jefferies and Cowen joint bookrunners for offering
    ** ~5k ODT shares have traded before the bell vs stock's
30-DMA volume of ~83k
    ** ODT has doubled YTD, including 31% surge in Jun

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