XBiotech drops on $40 mln equity raise

XBiotech

31/05/2019 15:30

** XBiotech Inc  XBIT.O  shares down 18.1% to $7.44 after co
prices overnight follow-on
    ** Stock tracking biggest one-day pct loss since Sept amid
broad market weakness  .N 
    ** XBIT sells 4.8 mln shares at $8.25, a 9% discount to
stock's Thurs close, for gross raise of $40 mln  urn:newsml:reuters.com:*:nGNE1nfsq
    ** Says to use net proceeds primarily to advance Phase 2
clinical trials for its inflammatory skin disease drug
bermekimab, and for general corp purposes
    ** Piper Jaffray sole underwriter for offering
    ** Deal size represents ~13% of XBIT shares outstanding as
of May 8, and roughly 30 days worth of trading volumes, per
Refinitiv data    
    ** Even with today's drop, XBIT up ~45% YTD

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lance.tupper@tr.com 646-223-5017))