Prometheus Biosciences Prices Underwritten Offering Of About 4.55 Mln Shares At $110/shr

(RTTNews) - Prometheus Biosciences Inc. (RXDX) said that it has priced an underwritten offering of about 4.55 million shares of its common stock at a price to the public of $110 per share.

The company expects the gross proceeds from the offering, before deducting the underwriting discounts and commissions and other offering expenses, to be about $500 million. The offering is expected to close on or about December 13, 2022.

In addition, Prometheus has granted the underwriters a 30-day option to purchase up to an additional 681,818 shares of common stock.

Prometheus plans to use the net proceeds from the offering, together with its existing cash, cash equivalents and short-term investments to fund the development of PRA023, PRA052 and its other research and development programs, and for working capital and general corporate purposes.