Wednesday, Corbus Pharmaceuticals Holdings Inc CRBP priced an underwritten public offering of 4.325 million shares at $19.00 per share to raise approximately $82.2 million in gross proceeds.
In addition, Corbus granted the underwriters a 30-day option to purchase up to an additional 648,750 shares.
Corbus will use the net proceeds of the offering to fund the clinical development of its pipeline and for working capital and other general corporate purposes.
Shares have a session volume of 6.088K versus the average volume (100 days) of 715.927K, according to the data from Benzinga Pro.
Last week, Corbus Pharmaceuticals announced that data from the first-in-human clinical study of CRB-701 (SYS6002) were presented at the 2024 American Society of Clinical Oncology Genitourinary Cancers Symposium.
A mixed tumor population (n=7) receiving doses of 2.7 mg/kg or 3.6 mg/kg demonstrated an ORR of 43% (3 partial responses -2 unconfirmed and one non-responding participant with no-nectin-4 expression) and a disease control rate of 71%.
The longest observed response to date is 11 cycles (~10 months) and ongoing. The update sent shares trade over 200% higher.
Price Action: CRBP shares are down 1.02% at $26.22 during the premarket session on the last check Thursday.
Image by PDPics from Pixabay
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