Precigen (PGEN) Falls 25% Upon Announcing $75M Public Offering
Precigen (PGEN) a clinical biopharmaceutical company, fell 25% today, upon announcing a $75M public offering at a share price of $1.75 per share. The Company has also granted the underwriters a 30-day option to purchase up to an additional 6,428,571 shares of its common stock.
The Company plans to use the proceeds to fund the development of clinical and preclinical product candidates, as well as for working capital.
PGEN is a member of the PRISM Gene Therapy Index which fell 1.2% for the day, mostly due to Precigen’s performance.
Precigen (Nasdaq: PGEN) is a dedicated discovery and clinical stage biopharmaceutical company advancing the next generation of gene and cell therapies using precision technology to target the most urgent and intractable diseases in our core therapeutic areas of immuno-oncology, autoimmune disorders, and infectious diseases. Precigen’s technologies are designed to enable us to find innovative solutions for affordable biotherapeutics in a controlled manner. Precigen operates as an innovation engine progressing a preclinical and clinical pipeline of well-differentiated unique therapies toward clinical proof-of-concept and commercialization.