CG Oncology closed a public offering of 9.2 million shares, raising $238 million for bladder cancer therapy development.
Quiver AI Summary
CG Oncology, Inc., a clinical biopharmaceutical company specializing in therapies for bladder cancer, has successfully closed a public offering of 9.2 million shares of its common stock, raising $238 million before expenses. The offering included 8.5 million shares from CG Oncology and 700,000 shares from an existing stockholder, with a public price set at $28.00 per share. The underwriters fully exercised their option for an additional 1.2 million shares. Major financial firms, including Morgan Stanley and Goldman Sachs, acted as joint book-running managers for the offering. A registration statement for the offering was filed with the SEC, and related prospectuses are available on their website. CG Oncology aims to provide bladder-sparing therapies that enhance the quality of life for urologic cancer patients.
Potential Positives
- CG Oncology raised $238.0 million in gross proceeds from its successful public offering, strengthening its financial position for further development of its bladder cancer therapeutic.
- The offering attracted interest from well-known financial institutions, including Morgan Stanley and Goldman Sachs, which enhances the company's credibility in the market.
- CG Oncology's focus on developing a groundbreaking bladder-sparing therapeutic positions it as a leader in addressing an unmet medical need in bladder cancer treatment.
Potential Negatives
- The company's heavy reliance on public offering to raise $238.0 million may indicate financial challenges or a lack of alternative funding sources.
- CG Oncology did not receive proceeds from the sale of shares by the existing stockholder, which could suggest limited confidence from insiders in the company’s future performance.
- The need to conduct a public offering could dilute existing shareholders' equity and potentially negatively impact share price and investor sentiment.
FAQ
What is CG Oncology's recent public offering?
CG Oncology recently closed a public offering of 9,200,000 shares of its common stock at $28.00 per share.
How much money did CG Oncology raise from this offering?
The gross proceeds from the offering were $238.0 million before deducting any expenses.
Who managed the public offering for CG Oncology?
Morgan Stanley, Goldman Sachs, TD Cowen, and Stifel acted as joint book-running managers for the offering.
What is the purpose of CG Oncology's offerings?
The offerings aim to support the development and commercialization of a bladder-sparing therapeutic for bladder cancer patients.
Where can I access the prospectus for the offering?
The prospectus is available on the SEC's website and can also be obtained from the managing brokerages listed in the release.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CGON Insider Trading Activity
$CGON insiders have traded $CGON stock on the open market 4 times in the past 6 months. Of those trades, 0 have been purchases and 4 have been sales.
Here’s a breakdown of recent trading of $CGON stock by insiders over the last 6 months:
- LEONARD E POST has traded it 2 times. They made 0 purchases and 2 sales, selling 1,000 shares.
- HONG FANG SONG has traded it 2 times. They made 0 purchases and 2 sales, selling 650,455 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CGON Hedge Fund Activity
We have seen 86 institutional investors add shares of $CGON stock to their portfolio, and 47 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- VANGUARD GROUP INC added 2,837,231 shares (+126.4%) to their portfolio in Q3 2024
- KYNAM CAPITAL MANAGEMENT, LP added 1,716,894 shares (+3184.7%) to their portfolio in Q3 2024
- BLACKROCK, INC. added 1,594,857 shares (+80.7%) to their portfolio in Q3 2024
- BVF INC/IL removed 1,423,289 shares (-58.9%) from their portfolio in Q3 2024
- YU FAN removed 1,414,888 shares (-89.6%) from their portfolio in Q3 2024
- HOLOCENE ADVISORS, LP removed 766,625 shares (-100.0%) from their portfolio in Q2 2024
- STATE STREET CORP added 717,722 shares (+73.0%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
IRVINE, Calif., Dec. 16, 2024 (GLOBE NEWSWIRE) -- CG Oncology, Inc. (Nasdaq: CGON), a late-stage clinical biopharmaceutical company focused on developing and commercializing a potential backbone bladder-sparing therapeutic for patients afflicted with bladder cancer, today announced the closing of its public offering of 9,200,000 shares of its common stock, 8,500,000 of which were offered by CG Oncology, which includes the exercise in full by the underwriters of their option to purchase 1,200,000 additional shares, and 700,000 of which were offered by an existing stockholder of CG Oncology, each at a public offering price of $28.00 per share. The gross proceeds to CG Oncology from the offering, before deducting underwriting discounts and commissions and other offering expenses, were $238.0 million. CG Oncology did not receive proceeds from the sale of shares of its common stock by the selling stockholder.
Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, TD Cowen and Stifel, Nicolaus & Company, Incorporated acted as joint book-running managers for the offering. LifeSci Capital LLC acted as lead manager for the offering.
A registration statement relating to the offering has been filed with the Securities and Exchange Commission and was declared effective on December 12, 2024. A prospectus relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. The offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by telephone at (866) 718-1649, or by email at
prospectus@morganstanley.com
; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at
prospectus-ny@ny.email.gs.com
; TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, New York 10017, by telephone at (855) 495-9846 or by email at
TD.ECM_Prospectus@tdsecurities.com
; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720 or by email at
syndprospectus@stifel.com
.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About CG Oncology
CG Oncology is a late-stage clinical biopharmaceutical company focused on developing and commercializing a potential backbone bladder-sparing therapeutic for patients afflicted with bladder cancer. CG Oncology sees a world where urologic cancer patients may benefit from its innovative immunotherapies to live with dignity and have an enhanced quality of life.
Contacts
Media
Sarah Connors
VP, Communications and Patient Advocacy
(508) 654-2277
sarah.connors@cgoncology.com
Investor Relations
Chau Cheng
VP, Investor Relations
(949) 342-8939
chau.cheng@cgoncology.com
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
