Why ORIC Pharmaceuticals (ORIC) Shares Are Trading Higher Premarket Today? - ORIC Pharmaceuticals (NASDAQ:ORIC)

ORIC Pharmaceuticals Inc ORIC entered a clinical development collaboration for a potential Phase 2 study of ORIC-533 in multiple myeloma with Pfizer Inc PFE and agreed to sell around 5.4 million shares at $4.65 per share for gross proceeds of approximately $25.0 million.
The company will use the net proceeds to fund ongoing and planned clinical trials, including studies of ORIC-533, ORIC-114, and ORIC-944, and for working capital and general corporate purposes.
ORIC and Pfizer have entered into a clinical development collaboration to leverage Pfizer's global development capabilities and expertise to enhance the clinical development program for ORIC-533, an oral small molecule inhibitor of CD73.
The companies will advance ORIC-533 into a Phase 2 combination study with Pfizer's elranatamab for multiple myeloma.
ORIC will maintain full economic ownership and control of ORIC-533.
In conjunction with the investment, Jeff Settleman, Chief Scientific Officer, Oncology Research & Development, Pfizer, will join ORIC's Scientific Advisory Board.
Including Pfizer's equity investment, ORIC expects its cash runway to be extended into the first half of 2025.
Price Action: ORIC shares are up 51.70% at $4.55 during the premarket session on the last check Thursday.

ORIC Pharmaceuticals Shares Move Higher After Equity Infusion, Clinical Collaboration From Pfizer