ProKidney tumbles on $125 mln public, direct stock offerings

Prokidney

10/06/2024 21:49

** ProKidney's  PROK.O  stock down ~16% at $2.54 in extended
trading as cell therapy developer looks to raise equity
    ** Co commences underwritten public and concurrent
registered direct offerings of up to $125 mln
    ** Entities affiliated with co's chairman and >10%
stockholders indicated interest to buy either shares in the
public or direct offering
    ** Co plans to use net offering proceeds for clinical trial
costs, R&D expenses, continued investment in drug development
platform, pre-commercial and commercial activities
    ** Before the bell Mon, co said its drug, rilparencel, in
mid-stage study showed stabilization in kidney function for 18
months in chronic kidney disease patients
    ** PROK shares on Mon closed down 5.3% at $3.02, giving co a
roughly $700 mln market cap, per LSEG data. Stock up ~70% YTD
    ** Jefferies, JP Morgan and Guggenheim are joint bookrunners
for the public 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))