Tarsus tumbles on $100 mln equity raise to fund eye drug launch

Tarsus Pharmaceuticals

02/08/2023 17:44

** Tarsus Pharmaceuticals Inc's  TARS.O  shares down 5.6% at
$17.24, hit lowest since Jun 26 on Weds, after $100 mln
follow-on prices
    ** Co late Tues announced ~5.7 mln shares at $17.50
    ** TARS tumbled 17% to close at $18.27 on Tues
    ** Tarsus to use net offering proceeds to fund commercial
launch of Xdemvy, its drug to treat eye disease called Demodex
blepharitis, in U.S.
    ** Co last week received FDA approval, saying it expects the
drug to be available by prescription at end-Aug
    ** Prior to offering, co had ~26.8 mln shares outstanding
    ** With move on the session, TARS up ~18% YTD
    ** Goldman Sachs, BofA, Guggenheim and Oppenheimer 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))