Relay Therapeutics Inc. (RLAY), a clinical-stage precision medicine company, on Tuesday announced a proposed underwritten public offering.
The public offering is for $175 million of the company's common stock. Relay is also offering underwriters a 30-day option to purchase an additional 15% of the shares offered of common stock in the public offering.
The company is developing Zovegalisib, the first pan-mutant selective PI3Ka inhibitor to enter clinical development. The drug is currently in the Phase 3 ReDiscover trial for the treatment of HR+/HER2- metastatic breast cancer.
RLAY closed Monday at $12.07, down 0.25%. In the pre-market, shares are trading at $11.43, down 5.30%.
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