Panbela Therapeutics sells more shares than planned; shares plunge

Panbela Therapeutics

30/06/2021 12:36

** Shares of biopharmaceutical company  PBLA.O  fall 26.2%
premarket to an eight-month low of $2.82
    ** Co raises $10 mln after underwriter agrees to increase
the size of the previously announced public offering to 3.33 mln
shares at $3 per share; Co had initially entered into an
agreement to sell 1.66 mln shares  urn:newsml:reuters.com:*:nGNX2yBkM3
    ** H.C. Wainwright & Co. was the sole book-running manager
for the offering
    ** Co intends to use the net proceeds for clinical
development of its initial product candidate SBP-101
    ** Up to Tuesday's close, stock has gained nearly 7.3% YTD

 (Reporting by Shashank Nayar in Bengaluru)
 ((Shashank.Nayar@thomsonreuters.com; within U.S. +1 646 223
8780; outside U.S. +91 80 6182 2256;))