Cogent leaps on news of oversubscribed $225 million placement
US biotech Cogent Biosciences (Nasdaq: COGT) saw its shares close up a massive 59.3% at $8.70 yesterday, after it announced a securities purchase agreement for a private investment in public equity financing that is expected to result in gross proceeds of around $225 million to the company, before deducting placement agent fees and offering expenses.
This financing was led by Commodore Capital and a large investment management firm and included participation from both new and existing investors, including Fairmount Funds, Redmile Group, Janus, TCGX, Adage Capital Partners, Venrock Healthcare Capital Partners, Deerfield and Perceptive Advisors.
Proceeds will fund bezuclastinib development
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