Replimune rallies after $100 mln PIPE financing
** Shares of Replimune Group REPL.O up 8.3% at $9.55 on Thurs after biotech firm raises $100 mln in private placement
** REPL now up 6 out of past 7 sessions, racking up ~90% gain along the way
** Co early Thurs said will sell ~5.7 mln shares at $8.82 and pre-funded warrants to buy ~5.7 mln shares at $8.819/warrant in a PIPE (private investment in public equity)
** Financing led by a life-sciences focused institutional investor, with participation from Redmile Group, RTW Investments, Boxer Capital and other institutional investors, including a leading mutual fund, co said
** Co said to use proceeds to "fully scale up" for commercialization of RP1 in skin cancers, and for working capital, general purposes
** On Dec 5, REPL plunged 45% to $6.75 after RP1, in combination with Regeneron's REGN.O antibody drug, Libtayo, failed in mid-stage study
** Replimune has ~61.4 mln shares outstanding and ~56.8 mln shares of public float - LSEG
** Co, which IPOd in 2018 at $15, has seen its shares trade as high as $54.85 (Nov 2020)
** Leerink acted as sole placement agent for the PIPE
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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