Gene therapy firm Precigen drops on $30 mln stock offering

Precigen

08/08/2024 12:44

** Precigen Inc  PGEN.O  shares down 18.6% at 96 cents
premarket after follow-on offering priced
    ** Gene therapy developer late Weds sold ~35.3 mln shares at
85 cents for $30 mln gross proceeds with Stifel as sole
bookrunner
    ** PGEN shares on Weds fell 12.6% to $1.18
    ** Late Tues, co announced strategic reprioritization and
streamlining of resources to focus on potential
commercialization of PRGN-2012 to treat recurrent respiratory
papillomatosis, and commenced $30 mln stock offering
    ** On Jun 3, co said PRGN-2012 met main goal in early-stage
study and it expected to submit marketing application for the
therapy in H2 2024
    ** Co has ~252.4 mln shares outstanding for ~$298 mln market
cap, and ~223.4 mln of public float, per LSEG
    ** Through Weds, PGEN shares down 12% YTD. Stock's 52-week
high is $1.93 (Jul 24) and 1-yr low is 84 cents (Nov 13)

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))