Prime Medicine drops after stock offering priced

Prime Medicine

15/02/2024 14:34

** Prime Medicine's  PRME.O  shares down 6.5% at $6.42 early
Thurs after gene editing firm's overnight follow-on priced
    ** Co late Weds announced 22.4 mln shares, including 3.2 mln
pre-funded warrants at $6.25 for $140 mln gross proceeds
    ** Deal size boosted from $125 mln, priced at 9% discount to
stock's last sale
    ** Co plans to use net offering proceeds primarily to fund
R&D, clinical development to support advancement of current or
future product candidates, per the SEC prospectus filing
    ** With ~97.3 mln shares outstanding, PRME had ~$668 mln
market cap through Weds
    ** Stock down ~28% YTD including move on the session, and
has shed nearly 70% over the past 12 months
    ** J.P. Morgan, Jefferies, TD Cowen and BMO jt bookrunners
for stock offering

 (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))