Panbela Therapeutics Shares Slide Premarket After Public Offering

Dow Jones01-29

By Colin Kellaher

Shares of Panbela Therapeutics dropped more than 40% Monday after the clinical-stage biopharmaceutical company said it was raising about $9 million in a dilutive public offering.

The stock was recently down about 42% to $2.46 in premarket trading.

The Waconia, Minn., company is selling nearly 4.38 million shares, along with warrants to buy up to an additional 8.75 million shares, at a combined price of $2.06 a share and two associated warrants, well below Friday's closing price of $4.27.

Panbela, which had about 480,000 shares outstanding before the offering, said the five-year warrants are exercisable at $2.06 a share.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

January 29, 2024 06:26 ET (11:26 GMT)

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