ORIC Pharma jumps on promising data from prostate cancer drug trial

ORIC Pharmaceuticals

29/05/2025 12:07

** Shares of ORIC Pharmaceuticals ORIC.O rise 21.4% to $7.25 premarket

** On Wednesday, ORIC said its experimental prostate cancer drug, ORIC-944, in combination with other treatments reduced prostate-specific antigen levels in 59% of patients in an early-stage trial

** Brokerage Guggenheim says the therapy is "well-positioned as a fast-follower within the large prostate cancer market, addressing a potential multi-billion dollar commercial opportunity if successful"

** Separately, co announced a $125 mln private placement financing to support development of the drug

** Co will sell about 19.2 mln shares of its common stock at a price of $6.50/share, a 8.9% premium to the stock's Wednesday close

** ORIC says the funds will support its operations into the H2 of 2027

** As of last close, ORIC down 26% YTD

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))