Zentalis Secures $150M In Equity Funding

Zentalis Pharmaceuticals Inc ZNTL priced an underwritten public offering of 3.1 million shares at $48.50 per share, for gross proceeds of approximately $150.4 million.
The stock's last close price was $49 on Monday.
Underwriters have an option to purchase up to an additional 465k shares.
The offering will close on July 1.
Proceeds will be used to advance the clinical development of lead product candidates, ZN-c3 and ZN-c5, and other product candidates, including ZN-d5 and ZN-e4.
Recently, the company announced interim data for ZN-c3 Phase 1, demonstrating increased tumor reduction and durability.
Newly confirmed responses and an additional unconfirmed Partial Response in uterine serous carcinoma were reported. The objective response rate (ORR) in the USC population increased from 40% to 43%.
Interim data from the ZN-c5 trial in ER+/HER2- advanced or metastatic breast cancer showed a clinical benefit rate (CBR) of 33%, and the ORR was 5%.
ZN-c5 generated 2 PRs at the 150 mg and 300 mg doses.
See the offering prospectus here.
Price Action: ZNTL shares are down 1.9% at $48.06 during the premarket session on the last check Tuesday.