Erasca Inc. (ERAS), a clinical-stage oncology company, announced that it intends to offer $150 million of shares of its common stock in a proposed underwritten public offering.
Following the announcement, ERAS is down 4.18% at $9.40 in the overnight market.
In addition, Erasca intends to grant the underwriters a 30-day option to purchase up to an additional $22.5 million of shares of its common stock.
Erasca intends to use the net proceeds from the proposed offering to fund the research and development of its product candidates, other development programs, working capital and other general corporate purposes.
J.P. Morgan, Morgan Stanley, Jefferies, and Evercore ISI are acting as joint book-running managers for the proposed offering.
Over the year, ERAS traded in a range of $1.01 and $10.42.
ERAS closed Tuesday's trading at $9.81, up 1.98%.
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