Rani Therapeutics rebounds after co scraps stock offering
12/08/2022 15:09
** Rani Therapeutics Holdings Inc's RANI.O shares bounce
20.3% to $9.90 early Fri after co pulls stock offering
** Co terminates offering previously announced late Weds,
citing current market conditions urn:newsml:reuters.com:*:nGNX7bqS6g
** RANI shares plunged ~26% to 2-mth low on Thurs as co was
marketing ~$50 mln deal with BofA, Cantor and UBS acting as jt
bookrunners
** Co also late Weds announced positive topline results in
Phase I trial for its osteoporosis drug urn:newsml:reuters.com:*:nGNXN29fH
** Its pill for osteoporosis was well tolerated and had 95%
drug delivery success rate, co said
** With move on Fri, shares off ~38% YTD
** Co had $97 mln of cash as of Jun 30, per Refinitiv
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))