Reneo Pharmaceuticals launches stock offering, shares fall 10%
Reneo Pharmaceuticals (NASDAQ:RPHM) has commenced an underwritten public offering of its shares of common stock, the company said on Wednesday.
Shares -10.8% at $8.80 after hours.
Reneo intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock.
All of the shares of common stock in the offering are to be sold by Reneo.
Pricing and details of the number of shares to be offered were not disclosed.
Reneo has also agreed to sell its shares of common stock to Abingworth Bioventures 8 LP for gross proceeds of up to $5 million in a concurrent private placement that is expected to close after the public offering.
The closing of the concurrent private placement is conditioned on the closing of the public offering.