ORIC Pharmaceuticals Announces $85M Private Placement Financing
Portfolio Pulse from Happy Mohamed
ORIC Pharmaceuticals has agreed to sell approximately 12.1 million shares in a private placement, raising $85 million. The financing is led by Nextech and includes participation from EcoR1 Capital, Frazier Life Sciences, Venrock Healthcare Capital Partners, and Boxer Capital. The proceeds will fund research and development, working capital, and general corporate purposes, with cash runway extended into late 2025.
June 26, 2023 | 12:44 pm
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ORIC Pharmaceuticals raises $85 million in a private placement, extending its cash runway into late 2025. The financing is led by Nextech and includes participation from other institutional investors.
The private placement will provide ORIC Pharmaceuticals with additional funds to advance its clinical programs and extend its cash runway into late 2025. This financing is expected to have a positive short-term impact on ORIC's stock price, as it demonstrates investor confidence in the company's pipeline and future prospects.
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