Panbela Therapeutics Shares Drop On Raising $10M Via Equity Issued At 21% Discount

  • Panbela Therapeutics Inc PBLA has increased the size of the previously announced public offering to around 3.3 million common shares from 1.7 million shares at $3.00 per share.
  • The offering will close by July 2.
  • The offer price represents a discount of 21% on the last close price of $3.8 on Tuesday. 
  • H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.
  • Underwriters have an option to purchase up to an additional 500,000 shares.
  • The gross proceeds of $10 million will be used for continued clinical development of its initial product candidate SBP-101 and working capital and other general corporate purposes.
  • In April, the FDA lifted partial clinical hold from Phase 1 first-line study of SBP-101 combination trial for metastatic pancreatic ductal adenocarcinoma.
  • Price Action: PBLA shares are down 24.9% at $2.87 during the premarket session on the last check Wednesday.
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