Why Shares of Oric Pharmaceuticals Jumped Monday
Shares of Oric Pharmaceuticals (NASDAQ: ORIC) were up more than 19% Monday after rising more than 21% earlier in the day. The clinical-stage biotech company announced a $85 million private placement financing. Its shares are up more than 28% so far this year.
Oric focuses on oncology therapies. The company announced on Monday that it will sell 12.1 million shares to a group of institutional investors in a private placement at $7 a share, which is a 15% premium to the stock's 30-day average and up 8% from Friday's closing price.
The company said the additional funding will allow it to support the development of its early-stage therapies through late 2025. Oric has three therapies in phase 1 trials, ORIC-114, ORIC-533, and ORIC-944. It said it expects to report initial safety and antitumor activity in ORIC-114 to treat patients with EGFR/HER2-mutated solid tumors in the second half of the year. ORIC-533's own early readout as a therapy to treat patients with relapsed and refractory multiple myeloma is expected in the second half of 2023, and ORIC-944 is expected to have initial data as an advanced prostate cancer treatment in the first quarter of 2024.
Source Fool.com
