By Josh Beckerman
Shares of Moleculin Biotech pared earlier gains after the pharmaceutical company announced a $3.5 million registered direct offering and concurrent private placement.
The stock was recently up 14%, to $1.22, midday Tuesday. Shares had risen to an intraday high of $1.64 following Monday's withdrawal of a December filing for public offering of stock and warrants.
Volume was more than 33.4 million shares, compared with a 65-day average of 4.3 million.
The company said Tuesday afternoon that it entered an agreement with an institutional investor to sell 3.27 million shares or pre-funded warrants in lieu thereof, and 6.54 million warrants, at a combined price of $1.07 a share and accompanying warrants.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
February 25, 2025 13:09 ET (18:09 GMT)
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