Denali Therapeutics leaps on news of $500 million private placement

28 February 2024

US neurodegenerative diseases focussed biotech Denali Therapeutics (Nasdaq: DNLI) saw its shares rocket more than 38% to $23.35, on news of a $500 million private placement.

Denali has entered into a securities purchase agreement with certain existing accredited investors to issue and sell an aggregate of 3,244,689 shares of its common stock at a price of $/17.07 per share and pre-funded warrants to purchase 26,046,065 shares of common stock at a purchase price of $17.06 per pre-funded warrant share, through a private investment in public equity (PIPE) financing.

The company is developing a broad portfolio of product candidates engineered to cross the blood-brain barrier (BBB) for the treatment of neurodegenerative and lysosomal storage diseases.

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