OptiNose hits record low on dismal revenue outlook, discounted stock offer

OptiNose

16/11/2021 16:16

(Updates)
    ** Shares of specialty pharmaceutical company  OPTN.O  slump
as much as 37.9% to hit a record low of $1.56
    ** Co cuts FY21 revenue outlook to $71 mln-$75 mln, lower
than Wall Street expectations; Q3 revenue of $21.8 mln misses
estimates of $23.48 mln - Refinitiv data  urn:newsml:reuters.com:*:nGNX6XJZyT
    ** OPTN, however, posts a narrower-than-expected adj. loss
of 32 cents​​/share
    ** Co also prices its public offering of 25 mln shares for
gross proceeds of $40 mln at $1.60/shr, implying a discount of
49.4% as per stock's last close  urn:newsml:reuters.com:*:nASA02T3X
    ** OPTN intends to use the offering's net proceeds for the
commercialization of its lead drug, Xhance, and its clinical
development as a treatment for chronic sinusitis, and other
potential development programs
    ** Xhance was approved for the treatment of nasal polyps in
patients 18 years of age or older by the U.S. FDA in September
2017 
    ** All five brokerages covering the stock rate it "buy" or
higher; their median PT is $12 
    ** As of last close, stock had fallen 42.3% YTD

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))