Shares of Pyxis Oncology, Inc. (PYXS) gained over 10% on Tuesday morning after the Cancer treatment-focused clinical-stage biopharmaceutical company announced a private placement of $50 million.
PYXS is currently trading at $5.28, up $0.50 or 10.46%, on a huge volume of 3.3 million shares, above average volume of 0.5 million, on the Nasdaq. The stock opened its trading at $5.88 after closing Monday at $4.78. The stock opened its trading at $1.35 to $6.92 in the past 52-week period.
Pyxis Oncology announced that it has agreed to sell 8.85 million common shares at $4.78 per share and pre-funded warrants to purchase 1.6 million common shares at a price per pre-funded warrant of $4.779 to a select group of institutional and accredited healthcare specialist investors in a private placement.
The private placement is expected to close on or about February 29, 2024. Pyxis Oncology anticipates the gross proceeds from the private placement to be approximately $50 million.
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