Sana Biotechnology rises after upsized stock offering prices

Sana Biotechnology

08/02/2024 14:02

** Sana Biotechnology's  SANA.O  stock up 3% at $6.28
premarket after co raises more equity than targeted
    ** Cell therapy developer sells 30 mln shares, including
~12.7 mln pre-funded warrants, at $5.50 for $165 mln gross
proceeds
    ** Offering size boosted from $125 mln upon launch Weds
after the bell, and prices at 9.8% discount to stock's last sale
    ** Also late Weds, co said it had about $205 mln of cash as
of Jan 2
    ** With ~197.1 mln shares outstanding, co has $1.2 bln
market cap
    ** On Jan 5, the US FDA cleared co to start human trials of
its CAR T cell therapy in patients with type of cancer of the
immune system
    ** SANA up roughly 50% YTD after 3% gain in 2023
    ** Morgan Stanley, JP Morgan, Goldman and BofA acting as jt
bookrunners for 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))