What’s Going on with PDS Biotechnology?
Yesterday, June 14, PDS Biotech (PDSB) announced that the clinical-stage immunotherapy firm had commenced an underwritten public offering of shares of its common stock. The company, which focuses on new cancer therapies, will be the sole entity offering its common stock. During pre-marketing trading this morning, PDSB shares took a hit, declining 17.57% to $10.60 a share.
What Does This Mean for PDSB?
PDS Biotech plans to sell an as-of-yet undisclosed number of shares of its common stock. The biotech firm also intends to grant underwriters a 30-day option to buy up to 15% additional shares of PDSB common stock based on the number of actual shares up for grabs in this public offering.
Cantor Fitzgerald & Co. will act as the sole bookrunner for this public offering of common shares, with the actual size and terms of the offering yet to be released. PDS Biotech plans to use a percentage of the net proceeds earned from this offering for the “development of our clinical pipeline and for general corporate purposes including working capital,” according to an official statement from the New Jersey-based company.
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PDS Biotechnology Corp operates as a clinical stage biotechnology company, principally involved in drug discovery in the United States. It is primarily engaged in the treatment of various early-stage and late-stage cancers, including head and neck cancer, prostate cancer, breast cancer, cervical cancer, anal cancer, and other cancers. Its products are based on the proprietary Versamune platform technology, which activates and directs the human immune system to unleash a powerful and targeted attack against cancer cells.