Panbela plunges to record low after $8.5 mln public offering

Panbela Therapeutics

16/06/2023 15:59

(Updates)
    ** Shares of drug developer Panbela Therapeutics  PBLA.O 
tumble to an all-time low, last down 52.6% at $2.76 
    ** Company announces pricing of public offering of 2.3 mln
shares of common stock and two classes of warrants to purchase
up to 4.5 mln shares of common stock at purchase price of
$3.75/shr
    ** Purchase price represents more than a 35% discount to
PBLA's last closing price 
    ** Gross proceeds of offering expected to be ~$8.5 mln 
    ** Company intends to use proceeds for clinical development
of products, working capital, business development including
debt repayment
    ** Roth Capital Partners is sole placement agent for
offering
    ** PBLA shares rose earlier in the week after entering into
research agreement with the University of Texas MD Anderson
Cancer Center 
    ** As of Thursday's close, PBLA has wiped out nearly all its
value this year

 (Reporting by Shreyashi Sanyal and Johann M Cherian in
Bengaluru)
 ((Shreyashi.Sanyal@thomsonreuters.com;))