Precigen tumbles on pricing $75 mln stock offering

Precigen

25/01/2023 12:04

** Shares of Precigen Inc  PGEN.O  down ~15% premarket after
gene therapy firm's overnight follow-on prices
    ** Co sells ~42.9 mln shares at $1.75, ~20% discount to
stock's last sale  urn:newsml:reuters.com:*:nPn961RNFa
    ** Co plans to use net offering proceeds to fund development
of clinical, preclinical product candidates
    ** JP Morgan lead bookrunner for offering representing about
a fifth of co's total shares outstanding
    ** Alongside offering launch late Tues, co announced
positive Phase I dose escalation data for PRGN-2012, its
immunotherapy in patients with recurrent respiratory
papillomatosis (RRP)
    ** RRP is a disease characterized by recurrent wart-like
growths on the surface of the vocal cords or tissue around the
vocal cords
    ** Through Tues close, PGEN up 44% YTD
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))