ProQR Therapeutics drops on $75 mln equity raise as Eli Lilly pitches in

ProQR Therapeutics NV

23/10/2024 13:25

** Shares of ProQR Therapeutics N.V.  PRQR.O  down 4% premarket
to $3.63 after overnight equity raise
** Netherlands-based RNA-editing firm late Tues announced 18 mln
shares at $3.50 for $63 mln gross proceeds
    ** Offering price represents 7.4% discount to last sale
    ** Concurrently, co sells ~3.5 mln shares to strategic
partner Eli Lilly  LLY.N  in private placement so that LLY
maintains 16.4% ownership for gross proceeds of ~$12.3 mln
    ** Co plans to use net proceeds from both transactions to
fund R&D,  clinical development/advancement of future product
candidates, and for other purposes
    ** PRQR has ~81.68 mln shares outstanding for ~$309 mln
market cap
    ** Through Tues, shares had more than doubled over the past
week, including 122% surge on Oct 16 on heavy volume
** Evercore, Cantor, Raymond James and Oppenheimer jt lead
bookrunners for the equity 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
))