Organogenesis Holdings: Falls on $56.9 mln discounted offering

Organogenesis Holdings

13/11/2020 10:09

** Shares of regenerative medicine co  ORGO.O  down 6.8% at
$3.42 premarket 
    ** ORGO announces underwritten public offering of 17.5 mln
shares at $3.25/share to raise total gross proceeds of ~$56.9
mln  urn:newsml:reuters.com:*:nGNX1l78RF
    ** Co's offer price represents discount of 11.4% to stock's
last close on Thursday
    ** ORGO intends to use net proceeds for working capital and
general corporate purposes, including facility expansion and
manufacturing enhancements, Salesforce expansion and to conduct
clinical studies
    ** Offering expected to close on or about Nov. 17
    ** Morgan Stanley & Co. LLC and SVB Leerink LLC are joint
book-running managers of offering    
    ** Up to Thursday's close, ORGO shares down 23.70% YTD

 (Reporting by Lasya Priya M in Bengaluru)
 ((LasyaPriya.M@thomsonreuters.com;))