Tracon Pharma Drops On Deep: discounted stock deal

TRACON Pharmaceuticals

22/07/2021 11:59

** TRACON Pharmaceuticals  TCON.O  down ~25% premarket on
stock deal
    ** Cancer drug developer sells ~3.93 mln shares at $3.82,
raises $15 mln  urn:newsml:reuters.com:*:nGNX7LSTW2
    ** Deal size increased from $10 mln, prices at 22.5%
discount to stock's last sale
    ** Co plans to use net proceeds for continued clinical
development of envafolimab, and for other general corp purposes
    ** Offering represents a quarter of TCON's free float, per
Refinitiv data
    ** H.C. Wainwright sole bookrunner
    ** On Jun 29, U.S. FDA granted orphan drug designation to
envafolimab, used to treat soft tissue sarcoma  urn:newsml:reuters.com:*:nL3N2OB2V5
    ** Shares down 58% YTD through Weds close

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))