Unity Biotech falls on upsized $45 mln stock offering

Unity Biotechnology

18/08/2022 11:37

** Unity Biotechnology Inc's shares  UBX.O  fall 29% to 68
cents - amongst biggest pct losers across U.S. stock exchanges
premarket 
    ** Drug developer late on Wednesday announced an upsized
public offering to raise about $45 mln  urn:newsml:reuters.com:*:nGNX6ZsPB3
    ** Co will sell about 64 mln shares of common stock for
$0.70 per share, a 28% discount to stock's last close
    ** Accompanying warrants will be priced at 85 cents per
share, says company  urn:newsml:reuters.com:*:nGNX6ZsPB3
    ** Net proceeds from the offering will be used to fund the
development of company's lead drug candidate, UBX1325, for
age-related eye disease
    ** UBX had earlier in August announced a common stock
offering to raise $25 mln  urn:newsml:reuters.com:*:nL4N2ZS3DD
    ** Up to Wednesday's close, stock down ~34% YTD 

 (Reporting by Khushi Mandowara)
 ((Khushi.Mandowara@thomsonreuters.com;))