Tourmaline Bio dips as $150 mln stock offering prices

Tourmaline Bio

25/01/2024 13:42

** Tourmaline Bio's  TRML.O  shares down 2.8% at $35.00 in
thin premarket volume after follow-on prices
    ** Co sells ~4.6 mln shares at $32.50 for $150 mln gross
proceeds to fund continued clinical development of pipeline
products
    ** Offering price represents 9.7% discount to stock's last
close
    ** Co has 20.3 mln shares outstanding for ~$732 mln market
cap
    ** TRML's shares have risen 37.5% YTD through Weds close
    ** Earlier this month, co said it is planning to commence
pivotal Phase III trial for its thyroid eye disease (TED) drug,
TOUR006, later this year, and continued to expect cash runway
through 2026
    ** In Oct, co completed merger with Talaris Therapeutics
    ** Jefferies, Piper Sandler, Guggenheim and Truist acting as
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))