BUZZ-Inovio shares plunge after $75 million stock sale to fund development of rare throat disease drug

November 6 - ** Due to Inovio Pharmaceuticals (INO.O) completing $75 million follow-on financing pricing, its stock price plunged 20% in pre-market trading on Friday, dropping to $1.16.

** On Thursday night, INO sold approximately 71.4 million shares at a price of $1.05 per share (link), including pre-funded warrants.

** The pricing for this offering reflects a 27.6% discount compared to the latest trading price of $1.45.

** On Monday, after the U.S. Food and Drug Administration (FDA) approved (link) the company's drug (brand name Voceryq) for treating a rare throat condition, INO's share price more than tripled, closing at $1.89.

** According to the prospectus, INO plans to use the net proceeds from this offering to fund commercialization of Voceryq and development of its clinical pipeline, among other purposes (link).

** Jefferies and Piper Sandler are acting as joint bookrunners.

** As of September 30, INO, headquartered in Plymouth Meeting, Pennsylvania, had approximately 110.2 million shares outstanding.

** According to London Stock Exchange Group (LSEG) data, all three analysts covering the stock are bullish, with target prices of $3, $5, and $8 respectively.

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