Sierra Oncology Inc (NASDAQ: SRRA) has priced its underwritten public offering of 4.07 million shares at $27 per share and the pre-funded warrants at $26.999 per pre-funded warrant.
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The Company is expected to receive gross proceeds of 5 million.
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Related: Sierra Oncology Shares Rally As Bone Marrow Cancer Candidate Hits Primary Goal.
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The offer price represents a discount of almost 6% from the last close price of $28.82 on Wednesday.
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Underwriters have an option to purchase up to an additional 750,000 shares.
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Sierra Oncology will use the proceeds to prepare for the potential commercialization of momelotinib, clinical development of its other product candidates, research, clinical and process development and manufacturing, working capital, and general corporate purposes.
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Price Action: SRRA shares are up 0.94% at $28.91 during the premarket session on the last check Thursday.
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