Calithera Biosciences shares dip on $50 million secondary offering
Calithera Biosciences Inc (NASDAQ:CALA) shares hit a stumbling block after the company announced the pricing of a $50 million secondary offering late Tuesday.
The clinical stage biotechnology company will offer 12.5 million shares at $4 per share, 15% lower than its Tuesday close.
Investors responded to the dilutive measure in kind, dropping the share price almost 13% to $4.13.
READ: Pressure BioSciences ultra high-pressure HUB platform shines in food safety studies
The offering is expected to close on June 21. In its Tuesday statement, the company did not specify what it would do with the proceeds.
Calithera Biosciences is a South San Francisco-based company focused on developing small-molecule treatments for cancer and other diseases.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/222442/calithera-biosciences-shares-dip-on-50-million-secondary-offering-222442.html
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