ScPharmaceuticals rallies after $50 mln equity offering

Scpharmaceuticals

22/11/2022 15:46

(Updates stock activity)
    ** ScPharmaceuticals Inc's  SCPH.O  shares reverse premarket
losses, and last up 13.3% at $6.90 following equity raise
    ** Co sells ~9.5 mln shares, including pre-funded warrants,
at $5.25, 13.8% discount to last sale  urn:newsml:reuters.com:*:nGNXLf461
    ** SCPH plans to use net offering proceeds to support
commercialization efforts for Furoscix, develop its drug
pipeline, per prospectus filing
    ** Prior to offering, co had 27.4 mln shares outstanding for
$167 mln market cap
    ** In Oct, U.S. FDA approved Furoscix, therapy to treat
congestion in chronic heart failure, after regulator rejected it
twice
    ** SCPH's shares now up ~29% in Nov and up ~38% YTD
    ** Co went public in 2017 IPO priced at $14
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))