Rezolute tumbles on pricing stock offering

Rezolute

14/06/2024 12:08

** Rezolute Inc's  RZLT.O  shares down 18.6% at $4.20 after
biopharma co's overnight follow-on priced
    ** Rare disease-focused firm late Thurs announced 15 mln
shares, including pre-funded warrants to buy 3.75 mln shares, at
$4 for $60 mln gross proceeds
    ** Offering price represents 22.5% discount to stock's last
close
    ** Co has ~40.1 mln shares outstanding for ~$207 mln market
cap. It has ~31.8 shares of public float, LSEG data shows
    ** On May 21, Rezolute said its eye disease drug, RZ402, met
main goal in mid-stage study to treat patients with diabetic
macular edema, swelling in central part of the eye's retina
    ** Through Thurs, RZLT had gained ~93% over the past month.
Shares ended 2023 at 99 cents
    ** Jefferies and Cantor are 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))