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Cogent Biosciences down 7% on pricing $150M offering

Jun. 07, 2023 1:58 AM ETCogent Biosciences, Inc. (COGT)By: Manshi Mamtora, CFA
  • Biotechnology company, Cogent Biosciences (NASDAQ:COGT) stock price declines 7% as it prices previously announced underwritten public offering of 12.5M shares at $12.00 per share.
  • Gross proceeds are expected to be ~$150M, upsized from $125M.
  • Underwriters have a 30-day option to purchase up to an additional ~1.88M shares.
  • The offering is expected to close on or about June 9, 2023.
  • Net proceeds will be used for development, regulatory and commercial preparation activities relating to bezuclastinib and other product candidates, as well as for working capital and general corporate purposes.

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