Olema Pharma hits highest in 1-1/2 years after private placement

Olema Pharmaceuticals

05/09/2023 19:29

** Shares of biopharmaceutical firm Olema Pharmaceuticals
 OLMA.O  jump 22.7% to $13, hitting highest level since November
2021 
    ** Co announces a stock purchase agreement for private
placement of about $130 million of common stock to selected
institutional and accredited investors
    ** Placement is expected to close on Sept 12
    ** Co to issue 13.2 mln shares of common stock at $9.84/shr
for gross proceeds of about $130 million
    ** Co to use the net proceeds to fund research and
development of its lead drug candidate, palazestrant, and other
ongoing research programs
    ** Olema CEO says it is now well-positioned to execute on a
planned late-stage trial of the drug for a type of breast cancer
    ** Brokerage H.C. Wainwright raises PT to $28 from $22
    ** OLMA up 428% YTD, including session gains
  

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))