Zentalis Pharma Shares Bounce Back From 52-Week Low, Rise 10%

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By Chris Wack

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Zentalis Pharmaceuticals Inc. shares were up 10% to $24.08 after the company said it was selling 954,000 common shares at $26.21 a share to Pfizer Inc. for proceeds of $25 million.

The stock hit its 52-week low of $21.18 on Tuesday, when it closed down 9%.

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The biopharmaceutical company said the common shares were offered and sold to Pfizer in a registered direct offering conducted without an underwriter or placement agent.

The offering is expected to close on or about Wednesday.

Zentalis said it intends to use the proceeds to help fund ongoing and planned clinical trials, including studies of ZN-c3, its Wee1 inhibitor, and ZN-d5, its BCL-2 inhibitor, and for working capital and general corporate purposes.

With prioritization of the clinical development of ZN-c3 and ZN-d5, budget reallocation and Pfizer’s investment, the company said it is extending its current cash runway into the first quarter of 2024.

Pfizer also expects to help Zentalis enhance its clinical development program. The companies have agreed to collaborate to advance the clinical development of ZN-c3. Zentalis will maintain full economic ownership and control of ZN-c3 and the rest of its pipeline.

Write to Chris Wack at [email protected]

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Credit: www.marketwatch.com /

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