Cogent Biosciences, Inc., a biotechnology company focused on developing precision therapies for genetically defined diseases, today announced that it has commenced an underwritten public offering of $125 million of shares of its common stock.
In addition, Cogent has granted the underwriters a 30-day option to purchase up to an additional $18.75 million of shares of its common stock. All of the shares in the offering are being offered by Cogent.
Cogent intends to use the net proceeds from the offering for development, regulatory and commercial preparation activities relating to bezuclastinib and other product candidates, as well as for working capital and general corporate purposes.
Jefferies, Piper Sandler & Co. and Guggenheim Securities, LLC are acting as joint book-running managers for the offering. LifeSci Capital is also acting as lead manager for the offering.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission (SEC) and became effective on May 24, 2022.
According to the Marketwatch, Cogent shares ended Friday’s session up 59%, when the company said it saw positive initial data from its ongoing Phase 2 clinical trial evaluating the selective KIT D816V inhibitor bezuclastinib in patients with advanced systemic mastocytosis. Also Monday, SVB Leerink raised its price target for the stock to $15 from $14 a share.