Pyxis Oncology launches registered public offering with pre-funded and common warrants
Deal includes common stock or pre-funded warrants, each paired with a common warrant; warrants’ exercisability and expiry are tied to a charter amendment and disclosure milestones. Proceeds will fund MICVO development and working capital; joint bookrunners named, terms subject to market conditions.
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08:45:38 PM UTC
SquawkNews
* Shares of Pyxis Oncology down 4.5% at $2.77 post-market as co seeks equity raise * Boston, Massachusetts-based PYXS commences offering of stock and pre-funded warrants, and accompanying warrants * It intends to use net offering proceeds to advance lead clinical candidate, micvotabart pelidotin (MICVO), an antibody-drug conjugate to treat solid tumors, and for working capital and general purposes * Leerink Partners, Guggenheim and Wells Fargo joint bookrunners * With ~83.4 mln shares outstanding, PYXS has ~$242 mln market cap * Stock closed flat at $2.90 on Tues, but has rallied 152% YTD * 9 of 10 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $7, per LSEG (Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper@tr.com 1-646-279-6380)