Zura Bio rises on completing financing of $80 million

Zura Bio

06/06/2023 10:36

** Zura Bio Ltd's shares  ZURA.O  rise 38.3% to $8.9 in
premarket trading; among biggest gainers across U.S. stock
exchanges 
    ** Drug developer completes about $80 million in private
placement financing 
    ** ZURA says the funding will allow the company to initiate
mid-stage studies of its experimental drug, ZB-106, to treat
inflammatory disorders called systemic sclerosis and
hidradenitis suppurativa
    ** Co licensed ZB-106 from Eli Lilly and Co  LLY.N  in April
    ** Zura has about $120 mln in cash and cash equivalents,
which will be sufficient to fund through 2026
    ** Up to Monday's close, stock fell ~36% YTD

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