Optinose slides on $50 mln stock-and-warrants offering

OptiNose

21/11/2022 14:18

(Updates, adds pricing details)
    ** Shares of specialty pharma firm Optinose Inc  OPTN.O 
down 10% premarket to about 6-mth low $1.71 as co raises equity
    ** Co prices ~26.32 mln shares, and warrants to purchase
26.32 mln shares, at $1.90 for $50 mln gross raise  urn:newsml:reuters.com:*:nGNX7WHJTZ
    ** Offering price in-line with stock's last close
    ** 5-yr warrants have exercise price of $2.565 and can be
exercised immediately
    ** OPTN to use net offering proceeds for working capital and
general purposes, including commercialization of its chronic
sinusitis treatment Xhance, and to pursue follow-on indication
    ** OPTN has ~83.5 mln shares outstanding for ~$159 mln
market cap through Fri, and ~64 mln shares of free float, per
Refinitiv
    ** At end-Sept, co had ~$61 mln of cash/cash equivalents
    ** Through Fri, shares have shed ~42% since co on Nov 10
reduced FY22 Xhance net rev forecast to $74-$78 mln from prior
guidance of $85-$92 mln, and said expects avg net
rev/prescription to be ~$220 vs prior outlook for it to exceed
$220
    ** Piper Sandler lead bookrunner for offering, joined by BMO
and Cantor Fitzgerald
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))