Why Tempest Therapeutics Shares Are Rising

Tempest Therapeutics Inc TPST shares are trading higher by 29.24% at $3.05 after the company announced $15 million of private placement financing. 

The $15 million private investment in public equity (PIPE) financing comes from the sale of 3,149,912 shares of Tempest Therapeutics’ common stock at a price per share of $2.36.

“We are very pleased to have a top investor such as EcoR1 recognize the value in Tempest, and we strongly appreciate Versant’s continued support of the Company, which has been consistent since our inception,” said Stephen R. Brady, chief executive officer of Tempest.

“Given the current capital markets environment, we are also pleased with the equivalent value between the securities, and will continue to diligently execute towards the development of meaningful therapies for patients.”

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Tempest Therapeutics is a clinical-stage biotechnology company developing small molecule therapeutics to treat cancer through mechanisms that directly kill tumor cells and activate tumor-specific immunity.

According to data from Benzinga Pro, Tempest Therapeutics has a 52-week high of $41.00 and a 52-week low of $2.16.