w Inc. (CRDF), a clinical-stage biotechnology company, on Tuesday said it has priced its underwritten offering of about 15.385 million shares of its common stock at an offering price of $2.60 per share, before deducting underwriting discounts and commissions.
The company noted that it would use the net proceeds from the offering to cover clinical expenses for its lead asset onvansertib in treating first-line RAS-mutated metastatic colorectal cancer (mCRC).
The company anticipates raising around $40 million in gross proceeds from the offering, before accounting for underwriting fees and other expenses. The transaction is expected to close on or around December 11.
New mutual funds and healthcare investors joined the financing, with additional support from current investors.
Onvansertib is a PLK1 inhibitor being tested alongside standard treatments in clinical trials for conditions like RAS-mutated metastatic colorectal cancer (mCRC) and metastatic pancreatic cancer (mPDAC). It is also being studied in investigator-led trials for small-cell lung cancer (SCLC) and triple-negative breast cancer (TNBC).
Monday, CRDF had closed 0.13 cents or 5.63% higher at $2.44 on the Nasdaq. In the pre-market trading, CRDF is up y 43.85% at $3.51.
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