Kura Oncology leaps on news of $150 million placement

San Diego, USA-based precision cancer medicines developer Kura Oncology (Nasdaq: KURA) saw its shares rocket more than 46% to $19.62 yesterday it announced a $150 million oversubscribed private placement.

Kura has agreed to sell 1,376,813 shares of its common stock at a price of $17.25 per share, representing a premium of approximately 29% to Kura’s closing price on January 23, 2024, and pre-funded warrants to purchase 7,318,886 shares of its common stock at price per pre-funded warrant of $17.2499 to a select group of institutional and accredited healthcare specialist investors in an oversubscribed private placement.

Kura anticipates the gross proceeds from the private placement to be around $150 million, before deducting any offering-related expenses. The private placement is expected to close on or about January 26, 2024, subject to customary closing conditions.