Aug. 11 Quick Takes: Verona, CinCor raise cash on heels of data readouts
Plus Enhertu wins lung cancer approval and updates from GSK, Novartis, argenx and more
A pair of biotechs with clinical readouts this week raised cash soon afterward, taking advantage of rising share prices. Verona Pharma plc (NASDAQ:VRNA) raised $130.2 million through the sale of 12.4 million ADSs at $10.50 in a bumped-up follow-on. The price was a 5% premium over Verona’s close of $10.03 on Tuesday, when it proposed after market hours to sell 10 million ADSs. Verona, which had already gained 44% on Tuesday after reporting results from the first of two Phase III studies of nebulized PDE3/PDE4 inhibitor ensifentrine to treat chronic obstructive pulmonary disease, has since climbed a further 18% to $11.80 as of mid-afternoon Thursday.
CinCor Pharma Inc. (NASDAQ:CINC) raised $225 million in an upsized follow-on on the back Monday’s positive hypertension data for baxdrostat, selling 4.9 million shares at $30 and 2.6 million prefunded warrants at $29.99. The price was a 14% discount to CinCor’s close of $35 on Monday. CinCor gained $2.31 to $34.31 on Thursday...