These are top 10 stocks traded on the Robinhood UK platform in July
NEW YORK - Rezolute, Inc. (NASDAQ:RZLT), a biopharmaceutical company focusing on rare diseases with a current market capitalization of $188 million, announced an underwritten public offering expected to raise approximately $90 million. According to InvestingPro data, the company maintains a strong financial position with more cash than debt on its balance sheet. The offering includes over 20 million shares of common stock priced at $3.25 each and pre-funded warrants to purchase nearly 7 million shares at $3.2490 per warrant. The pricing comes as the stock has shown significant momentum, with InvestingPro reporting a 17.8% return over the past week, despite being down about 42% over the last six months.
The company has also given underwriters a 30-day option to buy up to an additional 4.15 million shares at the offering price, minus underwriting discounts and commissions. This offering, involving both new and existing investors, is slated to close around April 24, 2025, contingent on standard closing conditions.
Participants in the offering include Federated Hermes Kaufmann Funds, Blackstone Multi-Asset Investing, and several other notable investment firms. Guggenheim Securities is the sole book-running manager, with BTIG, H.C. Wainwright & Co., and others serving as lead managers. WG Partners LLP is providing financial advisory services.
The proceeds from the offering are earmarked for research and development, general corporate expenses, and working capital needs. This follows a shelf registration statement filed with the SEC, which became effective on November 29, 2023. The company’s strong liquidity position is reflected in its current ratio of 9.3, indicating substantial coverage of short-term obligations.
Rezolute’s key product, ersodetug, is an antibody therapy for hypoglycemia caused by hyperinsulinism, which has demonstrated significant benefits in clinical trials and real-world applications.
This press release does not constitute an offer to sell or a solicitation of an offer to buy securities. The offering is made solely by means of a prospectus supplement and accompanying prospectus, which will be filed with the SEC and available on their website.
The company cautions that statements regarding expectations of the offering’s timing and completion, as well as the anticipated use of proceeds, are forward-looking and subject to risks and uncertainties. These statements should not be regarded as guarantees of future performance.
This news article is based on a press release statement.
In other recent news, Rezolute, Inc. announced the continuation of its Phase 3 sunRIZE study without changes, as recommended by the Independent Data Monitoring Committee (DMC). This trial is evaluating ersodetug for treating congenital hyperinsulinism (HI), with patient enrollment expected to conclude by the second quarter of 2025 and topline results anticipated in the fourth quarter of the same year. The DMC’s interim analysis supported the current trial design, confirming the safety of dosing in infants, and allowing the study to proceed without adjustments. Additionally, Rezolute has expanded its Board of Directors with the appointment of Erik Harris, a biopharma veteran, to support its strategic growth and potential commercialization efforts. In financial updates, JMP Securities raised its price target for Rezolute to $9, maintaining a Market Outperform rating, while H.C. Wainwright reiterated a Buy rating with a $14 target, highlighting the progress in the sunRIZE study. The company ended the quarter with approximately $105 million in cash reserves, which analysts believe will support ongoing development activities. Rezolute’s Chief Medical Officer, Dr. Brian Roberts, expressed optimism about the study’s progress and the potential of ersodetug following its FDA Breakthrough Therapy Designation.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.