(RTTNews) - Allogene Therapeutics Inc. (ALLO), a clinical-stage biotechnology company, on Monday, announced a proposed underwritten public offering of $175 million in shares of the company's common stock.
The proceeds from the public offering are expected to be used for general corporate purposes, clinical trial expenses, research and development, general and administrative expenses, and capital expenditure.
The company is currently developing allogenic CAR-T (Allo CAR T) therapies to treat autoimmune and cancer indications, including lymphoma, small cell lung cancer (SCLC), gastric and pancreatic cancers.
Additionally, Allogene is offering underwriters a 30-day option to purchase up to $26.25 million in shares.
ALLO closed Monday at $3.06, up 12.50%. In the overnight trade, shares were at $2.93, down 4.25%.
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