Centessa (CNTA) Hits All-Time High on New $287-Million Fundraising Program

We recently published Market Beaters: 10 Stocks Defying the Odds. Centessa Pharmaceuticals plc (NASDAQ:CNTA) is one of the best-performing stocks on Wednesday.

Centessa soared to a new all-time high on Wednesday, as investors took path from a planned fundraising program which could rake in as much as $287.5 million in fresh funds.

In a statement, Centessa Pharmaceuticals plc (NASDAQ:CNTA) said it plans to issue more than 11.6 million new American depositary shares (ADS) at a price of $21.50 apiece. Each ADS represents one ordinary share.

In line with the offer, Centessa Pharmaceuticals plc (NASDAQ:CNTA) granted its underwriters a 30-day option to purchase an additional 1,744,186 ADS at the said price.

The offer is expected to close on Friday, November 14, subject to closing conditions.

The plan followed its financial and operating highlights for the third quarter of the year, where it widened its net loss by 29 percent to $54.89 million from $42.57 million in the same period last year, on the back of a higher operating loss, which jumped by 15.9 percent to $53.79 million from $46.4 million year-on-year.

Operating loss was pulled down by higher operating expenses from its research and development initiatives.

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Disclosure: None. This article is originally published at Insider Monkey.