Apellis raises $140.3M in follow-on

Autoimmune company Apellis Pharmaceuticals Inc. (NASDAQ:APLS) raised $140.3 million late on April 18 through the sale of 5.5 million shares at $25.50 in a follow-on underwritten by Citigroup, J.P. Morgan and Cowen. The price is a 15% discount to Apellis' closing price of $30 on April 16, when it proposed after market hours to sell 5 million shares. Apellis lost 17% to $25.02 on April 17 before rebounding slightly on April 18, then slipped another $2.16 to $24.21 on April 19.

Next half, Apellis is planning to begin a Phase III study of its complement 3 (C3) inhibitor APL-2 to treat geographic atrophy (GA), an advanced form of dry age-related macular degeneration...