Sierra Oncology Raises $135 Million in Public Offering to Support Late Stage Rare Cancer Pipeline
January 27, 2022
Sierra Oncology raised $135 million in an upsized underwritten public offering of 4.1 million shares of its common stock at $27 per share and, in lieu of shares of common stock, to a certain investor, pre-funded warrants to purchase up to 925,925 shares of common stock at $26.999 per pre-funded warrant.
In addition, Sierra Oncology has granted to the underwriters a 30-day option to purchase up to 750,000 of additional shares of its common stock at the public offering price less underwriting discounts and commissions.
Sierra Oncology priced the offering after reporting positive topline data from its pivotal late-stage clinical study evaluating the rare blood cancer momelotinib in myelofibrosis patients who are symptomatic and anemic and previously treated with an approved JAK inhibitor. The trial met all its primary and key secondary endpoints, with momelotinib the first and only JAK inhibitor to demonstrate positive data for all key hallmarks of the disease—symptoms, splenic response and anemia.
The company says it intends to use the net proceeds of the offering to prepare for potential commercialization of momelotinib, clinical development of its other product candidates, research, clinical and process development and manufacturing of its product candidates, working capital, and capital expenditures and other general corporate purposes.
All of the securities are being offered by Sierra Oncology. The offering is expected to close on or about January 31, 2022, subject to customary closing conditions.
Author: Rare Daily Staff
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