Mor­phic Ther­a­peu­tic fol­lows pos­i­tive da­ta read­out for UC drug with $240M pub­lic of­fer­ing

Mor­phic Ther­a­peu­tic has used a re­cent pos­i­tive topline da­ta read­out to raise cap­i­tal in the form of an un­der­writ­ten pub­lic of­fer­ing of 5.3 mil­lion shares of its com­mon stock, a lit­tle over a week af­ter the com­pa­ny tout­ed its ul­cer­a­tive col­i­tis can­di­date that sent the stock up about 20%.

By pric­ing the stock at $45 per share, the of­fer­ing could raise ap­prox­i­mate­ly $240 mil­lion and is ex­pect­ed to wrap up on May 5. Mor­phic al­so grant­ed the un­der­writ­ers a 30-day op­tion to pur­chase an ad­di­tion­al 800,000 shares of com­mon stock.

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