Prelude closes public offering raising $172M
Share
WILMINGTON β Startup cancer research company Prelude Therapeutics closed a public offering of 2.5 million shares on Monday, Jan. 11, as well as an additional 375,000 shares to underwriters, raising a reported $172.5 million.
The clinical-stage company offered about 2.2 million voting shares and 300,000 additional shares of non-voting stock, with all shares priced at $60 per share β a significant discount from the stockβs Friday, Jan. 8, close price when it was trading for more than $66 a share. The company increased the size of the offering after initially proposing 1.75 million shares earlier in the week.
Prelude 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 acted as joint book-running managers for the offering.