BUZZ-ProQR Therapeutics drops on $75 mln equity raise as Eli Lilly pitches in

Reuters10-23

** Shares of ProQR Therapeutics N.V. down 4% premarket to $3.63 after overnight equity raise ** Netherlands-based RNA-editing firm late Tues announced 18 mln shares at $3.50 for $63 mln gross proceeds

** Offering price represents 7.4% discount to last sale

** Concurrently, co sells ~3.5 mln shares to strategic partner Eli Lilly in private placement so that LLY maintains 16.4% ownership for gross proceeds of ~$12.3 mln

** Co plans to use net proceeds from both transactions to fund R&D, clinical development/advancement of future product candidates, and for other purposes

** PRQR has ~81.68 mln shares outstanding for ~$309 mln market cap

** Through Tues, shares had more than doubled over the past week, including 122% surge on Oct 16 on heavy volume ** Evercore, Cantor, Raymond James and Oppenheimer jt lead bookrunners for the equity offering

(Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380 ))

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