Tempest Therapeutics Inc TPST shares are trading lower Thursday. The company sold shares as part of a previously announced offering after the stock soared nearly 4,000% on Wednesday.
What Happened: In an amendment to the company's prospectus supplement, Tempest Therapeutics said it sold about 1.24 million shares of its common stock for gross proceeds of approximately $7 million as of Oct. 11. There is still $93 million remaining under the company's previously announced offering of up to $100 million.
The news comes after Tempest shares climbed 3,972.5% on Wednesday on the back of promising liver cancer treatment data. Tempest said the ongoing Phase 1b/2 study of TPST-1120 showed clinical superiority in multiple study endpoints when combined with atezolizumab and bevacizumab.
"This comprehensive analysis of more mature clinical data shows an even greater benefit than the earlier interim analysis of the TPST-1120 triplet therapy over standard of care alone, both for the entire study population and in subpopulations of patients, the latter of which was predicted by TPST-1120's proposed mechanism of action," said Stephen Brady, president and CEO of Tempest Therapeutics.
Tempest is a clinical-stage oncology company developing first-in-class therapeutics that combine both targeted and immune-mediated mechanisms.
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TPST Price Action: Tempest shares were down 45.2% at $5.40 at the time of publication, according to Benzinga Pro.
Photo: 3844328 from Pixabay.
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