First Tracks Biotherapeutics up after $200 million equity raise
TRAX•First Tracks Biotherapeutics rose 2.8% premarket after securing a $200 million equity raise. The company sold about 6.1 million shares at $32.75 each in a private placement.
1. Placement details
First Tracks Biotherapeutics sold about 6.1 million shares to new and existing investors at $32.75 per share. It plans to use the net proceeds for general corporate purposes, including clinical development of ANB033.
2. Recent trial results
The company’s shares finished up about 7% on Monday after it announced positive top-line results for ANB033 in a celiac disease drug trial. Leerink, Piper Sandler, UBS and Wells Fargo acted as placement agents.
