Relay Therapeutics rises after premium PIPE financing

Relay Therapeutics

08/01/2024 13:08

** Relay Therapeutics Inc's  RLAY.O  stock up 2.7% at $11.81
premarket after co announces PIPE (private investment in public
equity) financing at a premium
    ** Co says to sell 2.5 mln shares at $12 to Nextech for $30
mln gross proceeds. RLAY shares on Fri closed at $11.50
    ** Co plans to use net PIPE proceeds to advance cancer drug
candidate RLY-2608 towards registrational trial(s)
    ** “Our assessment of RLY-2608’s evolving clinical profile
and the recent data presented at the San Antonio Breast Cancer
Symposium in the HR+, HER2- breast cancer landscape give us a
high degree of confidence in RLY-2608,” Nextech Managing Partner
Kanishka Pothula said in statement
    ** Nextech owned ~1% of Relay, ~1.2 mln shares as of Sept
30, per LSEG data
    ** SoftBank  9984.T  is biggest Relay investor with ~22.6%
stake, or ~27.9 mln shares
    ** Relay has ~123.27 mln shares outstanding for $1.4 bln
market cap
    ** RLAY shares up ~4.5% to start 2024 through Fri, after
losing ~26% in 2023

 (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))