G1 Therapeutics shares fall as company prices offering of 3mln shares at a discount

Shares of G1 Therapeutics Inc (NASDAQ:GTHX) slumped on Wednesday after announcing the pricing of an underwritten public offering for 3mln of its common shares at US$60, a discount to the closing price in the previous session.

The offering by the clinical stage oncology company is expected to raise around US$180mln. In addition, G1 Therapeutics has granted the underwriters a 30-day option to purchase up to an additional 450,000 shares of common stock at the public offering price, less the underwriting discount.

Shares of G1 dropped up to 9.5% in the premarket on Wednesday to US$56.96, and were trading 7.7% down at US$58.11. The stock closed on Tuesday at US$62.94.

The shares are being offered pursuant to a “shelf” registration statement previously filed and declared effective by the Securities and Exchange Commission. The offering is expected to close on Friday, September 21, 2018.

G1 Therapeutics is a clinical-stage biopharmaceutical company focused on the discovery, development and delivery of innovative therapies for those affected by cancer.

The company is advancing three clinical-stage programs, trilaciclib, lerociclib and G1T48, that are designed to enable more effective combination treatment strategies and improve patient outcomes across multiple oncology indications.

G1 is based in Research Triangle Park, North Carolina.

Story by ProactiveInvestors