ORIC Pharmaceuticals has agreed to sell approximately 12.5 million shares of its common stock to a select group of institutional and accredited healthcare specialist investors in a private placement, at a price per share of $10.00, representing a premium of approximately 10% to ORIC‘s 5-day trailing average price. The financing is expected to close on January 23, 2024, subject to customary closing conditions. ORIC anticipates the gross proceeds from the private placement to be approximately $125 million, before deducting any offering related expenses. The financing includes participation from new and existing institutional investors, including Viking Global Investors, Commodore Capital, Frazier Life Sciences, Venrock Healthcare Capital Partners, NEA, and Nextech. ORIC intends to use the net proceeds from the proposed financing to fund research and development of its clinical-stage product candidates and research programs and for working capital and general corporate purposes. The proceeds from this financing, combined with current cash, cash equivalents and marketable securities, is expected to be sufficient to fund the current operating plan into late 2026.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on ORIC:
- ORIC Pharmaceuticals Announces $125 Million Private Placement Financing
- JPMorgan ups Oric target, removes from Analyst Focus List
- Oric provides initial Phase 1b data for ORIC-944, 2024 milestones
- ORIC Pharmaceuticals Provides Initial Phase 1b Data for ORIC-944, Operational Highlights for 2023, and Anticipated Upcoming Milestones
- ORIC Pharmaceuticals to Present at the 42nd Annual J.P. Morgan Healthcare Conference