Rev­o­lu­tion Med­i­cines looks to raise $230M in new pub­lic of­fer­ing

Af­ter its IPO al­most two and a half years ago, a Cal­i­for­nia biotech is gath­er­ing up more fi­nanc­ing.

Tar­get­ed on­col­o­gy biotech Rev­o­lu­tion Med­i­cines put out word Tues­day that it opened up an un­der­writ­ten pub­lic of­fer­ing, orig­i­nal­ly slat­ed to be worth $200 mil­lion be­fore up­siz­ing it to $230 mil­lion. It is of­fer­ing 11.5 mil­lion shares at $20 apiece. The of­fer­ing is ex­pect­ed to close Fri­day.

In­vestors didn’t re­act too warm­ly to the news as the biotech’s stock price $RVMD opened Wednes­day down 14%, but has re­bound­ed slight­ly af­ter the morn­ing bell. Rev­o­lu­tion did not im­me­di­ate­ly re­spond to re­quests for com­ment from End­points News. The biotech orig­i­nal­ly raised $238 mil­lion when it went pub­lic via IPO in ear­ly 2020, de­but­ing at a $17 share price.

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