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EDINBURGH - NuCana plc (NASDAQ: NCNA), a clinical-stage biopharmaceutical company with a market capitalization of $6.66 million, has announced the pricing of a direct offering expected to raise approximately $7 million before fees and expenses. The offering includes American Depository Shares (ADSs) and accompanying warrants. According to InvestingPro data, the company’s stock has shown significant volatility, with a 107% return over the last week despite a 71% decline over the past year.
The offering, priced at $0.6454 per ADS, along with Series A and Series B warrants, is scheduled to close on May 7, 2025, contingent on customary closing conditions. Each ADS in the offering is bundled with a Series A warrant to purchase one additional ADS at $0.8068 and a Series B warrant to purchase one ADS at $1.61. InvestingPro analysis indicates the company holds more cash than debt on its balance sheet, though it’s currently burning through cash rapidly, with negative free cash flow of $23.94 million in the last twelve months.
The proceeds from this offering are earmarked for the advancement of NuCana’s drug discovery and development programs, as well as for general corporate purposes, which may include working capital, capital expenditures, and potential acquisitions or collaborations.
Laidlaw & Company (UK) Ltd. is the sole placement agent for this transaction. The offering is made pursuant to a registration statement on Form F-1, declared effective by the U.S. Securities and Exchange Commission on May 5, 2025.
NuCana is dedicated to improving treatment outcomes for cancer patients through its ProTide technology, which aims to enhance the efficacy and safety of chemotherapy agents. The company’s pipeline includes NUC-7738 and NUC-3373, both in clinical studies targeting various solid tumors and in combination with other cancer therapies.
This press release contains forward-looking statements regarding the offering’s completion and anticipated proceeds, which are subject to market conditions and other risks outlined in NuCana’s filings with the SEC. The statements in this press release are made as of its date, and NuCana does not undertake any obligation to update these statements in the future. Based on InvestingPro’s Fair Value analysis, the stock appears to be overvalued at current levels. Discover more insights and 13 additional ProTips about NCNA’s financial health and market position with an InvestingPro subscription.
Investors can obtain copies of the prospectus for the offering from the SEC’s website or directly from Laidlaw & Company (UK) Ltd. This announcement is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy the securities described.
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