Urogen Pharma falls on pricing stock offering

UroGen Pharma

18/06/2024 13:00

** Urogen Pharma's  URGN.O  shares down 4.7% at $17.42
premarket after overnight follow-on prices
    ** Israeli biotech late Mon announced ~6.1 mln shares,
including ~1.1 mln pre-funded warrants, at $17.50 for $107.5 mln
gross proceeds
    ** Offering price represents 4.3% discount to stock's last
sale
    ** URGN shares on Thurs soared ~38% to close at $17.50 after
co said its bladder cancer drug, UGN-102 (mitomycin), indicated
a 82% duration of response at 12 months in late-stage study
    ** Co currently submitting marketing application for UGN-102
to U.S. FDA on a rolling basis. It intends to complete
submission in Q3 2024 with expected potential approval early
next year
    ** Co to use net offering proceeds for commercialization
costs associated with Jelmyto, its treatment for a type of
urinary tract cancer, and UGN-102, if approved, per the SEC
prospectus filing
    ** With ~36.1 mln shares outstanding, Urogen has ~$660 mln
market cap
    ** Through Mon, shares up ~22% YTD following 69% gain in
2023
    ** TD Cowen and Guggenheim are joint 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))