BUZZ-Pyxis Oncology shares decline after reaching a $110 million stock and warrant deal

September 30 - ** Before the market opened on Wednesday, Pyxis Oncology (PYXS.O) shares fell 10.3% to $2.60 after the company had set the pricing for a follow-on offering.

** On Wednesday morning, PYXS announced (link) the issuance of approximately 39.7 million shares and pre-funded warrants at a price of $2.90 per share, raising a total of $110 million.

** The company also sold accompanying warrants, which allow the purchase of approximately 49.3 million shares at an exercise price of $3.50 per share; if all these warrants are exercised, the company would raise an additional $172.6 million in total proceeds.

** Headquartered in Boston, Massachusetts, PYXS currently has about 83.4 million shares outstanding.

** The company plans to use the net proceeds to advance its lead candidate micvotabart pelidotin (MICVO), an antibody-drug conjugate (ADC) for the treatment of solid tumors, as well as to supplement working capital and for general corporate purposes.

** Leerink Partners, Guggenheim, and Wells Fargo are acting as joint book-running managers.

** PYXS shares closed flat at $2.90 on Tuesday, but are up 152% year to date.

** According to data from London Stock Exchange Group (LSEG), 9 out of 10 analysts rate the stock a "strong buy" or "buy", while 1 recommends "hold"; the median target price is $7.

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