(RTTNews) - BioCryst Pharmaceuticals Inc. (BCRX) said that it has withdrawn its proposed public offering. It believes that current market conditions are not conducive to an offering on terms that would be in the best interests of current stockholders.
BCRX closed Tuesday regular trading at $15.21 down $2.44 or 13.85%. But in the after-hours trading, the stock gained $1.54 or 10.16%.
The company said it is well capitalized, with cash, cash equivalents, restricted cash and investments of $222.8 million as of June 30, 2021.
The company believes current cash runway takes it into 2023. It is based on its expectations for revenue, operating expenses, and our option to access an additional $75 million from existing credit facility.
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