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Ideaya Biosciences Launches Equity Offering Of $80M

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  • Ideaya Biosciences Inc (NASDAQ: IDYA) has offered up to million shares in an underwritten public offering.

  • Underwriters have an option to purchase up to $12 million of shares.

  • The company will use the proceeds to fund the clinical development of IDE397, preclinical and clinical development of other product candidates in its research pipeline targeting poly (ADP-ribose) glycohydrolase, and its share of costs under GSK collaboration and other general corporate purposes.

  • J.P. Morgan, Citigroup, Jefferies, and Guggenheim Securities are acting as joint book-running managers for the offering.

  • Recently, the company met the criteria to initiate an IDE397 tumor biopsy cohort arm of the dose-escalation study, with observed clinical pharmacodynamic (PD) modulation of plasma S-adenosyl methionine (SAM) satisfying the clinical protocol threshold of approximately 60% or higher.

  • Price Action: IDYA shares closed at $22.72 on Tuesday.

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