Optinose slumps on planned stock offering

OptiNose

21/11/2022 13:20

** Shares of specialty pharma firm Optinose Inc  OPTN.O 
down 14.2% to $1.63, lowest since early Jan 3, as it looks to
raise equity
    ** Co announces offering of shares and warrants; deal size
not disclosed  urn:newsml:reuters.com:*:nGNXbFhNM7
    ** 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
    ** Co has ~83.5 mln shares outstanding and ~$61 mln of
cash/cash equivalents at end-Sept
    ** Shares have fallen ~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))