Type to search

News Briefs

Prelude Therapeutics increases offering to 2.5M shares


WILMINGTON – A few days after announcing that it would offer 1.75 million new shares on the market, startup cancer research company Prelude Therapeutics increased its offering to more than 2.2 million voting shares.

The clinical-stage company is also offering 291,666 additional shares of non-voting stock, with all shares priced at $60 per share – a significant discount from the stock’s Thursday price when it was trading for more than $68 a share. The total aggregate gross proceeds from the offering are expected to be $150 million before expenses – more than $30 million higher than its preliminary report earlier this week.

Prelude has also granted the underwriters a 30-day option to purchase up to an additional 375,000 shares of voting stock at the public offering price, potentially pushing proceeds even higher after the Jan. 11 close.

It will use the proceeds to advance its three clinical trials for cancer drugs while also starting a fourth clinical trial this year, and furthering development of preclinical programs.

After the offering, Prelude will have more than 46 million shares of common stock on the market.

Morgan Stanley, Goldman Sachs & Co. LLC, BofA Securities and Barclays are acting as joint book-running managers for the offering.

By Jacob Owens


You Might also Like

Leave a Comment

Your email address will not be published. Required fields are marked *