Vor Bio (VOR), a clinical-stage biotechnology company, announced on Friday that it has entered into a securities purchase agreement to sell 5.34 million shares of its common stock at a price of $14.05 per share in a private placement. The gross proceeds from the private placement are expected to be approximately $75 million.
Following the news, VOR is up 7.03% at $14.52.
Vor Bio intends to use the proceeds from the private placement to advance the clinical development of Telitacicept, including the ongoing global Phase 3 clinical trials for myasthenia gravis and primary Sjogren's disease, business development, and working capital and general corporate purposes.
The financing is led by new investor TCGX, a healthcare investment firm dedicated to advancing disruptive medicines.
VOR has traded between $2.62 and $65.80 in the last year. The stock closed Thursday's trade at $13.57.
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