Why Oric Pharmaceuticals Stock Is Shooting Higher Today
Portfolio Pulse from Nabaparna Bhattacharya
Oric Pharmaceuticals has agreed to sell 12.1 million shares of its common stock to institutional and accredited healthcare specialist investors in a private placement for $7 per share, raising approximately $85 million. The proceeds will fund the company's operating plan into late 2025.
June 26, 2023 | 4:34 pm
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Oric Pharmaceuticals raises $85 million in a private placement, extending its cash runway into late 2025. Shares are trading higher by 15%.
The private placement will provide Oric Pharmaceuticals with additional funding, extending its cash runway into late 2025. This positive news has led to an increase in the company's stock price by 15%, indicating a positive short-term impact.
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