** Shares of Tenaya Therapeutics TNYA.O down 21.7% premarket to record low 74 cents on equity raise

** Heart disease gene therapy developer late Mon announced pricing 75 mln units at 70 cents for gross proceeds of $52.5 mln

** Offering price represents 26% discount to stock's last sale

** Each unit comprises one share plus 5-yr warrant exercisesable at 80 cents, and 15-month warrant immediately exerciseable to purchase one-half share

** California-based co, which has 79.2 mln shares outstanding, plans to use net offering proceeds to fund ongoing development of its clinical and early-stage candidates, particularly TN-201 and TN-401

** Co late Mon also suspended and terminated its $75 mln "at-the-market" equity sales program, in which it entered into with Leerink Partners in 2022

** Leerink and Piper Sandler are jt bookrunners for the current offering

** Through Mon close, shares down 34% YTD and have shed nearly 90% of their value over the past 12 months

** Tenaya went public in Jul 2021 IPO priced at $15

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))