(MENAFN- Baystreet.ca) Revolution Medicines Inc (NASDAQ:RVMD) reported a 5.5-million-share common stock offering Tuesday.
The Redwood City, Calif.-based company goes on to say all of the shares of common stock are being offered by Revolution Medicines. In addition, Revolution Medicines intends to grant the underwriters a 30-day option to purchase up to an additional 825,000 shares of common stock.
J.P. Morgan, Cowen, SVB Leerink and Guggenheim Securities are acting as the joint book-running managers for the proposed offering.
RVMD is a clinical-stage oncology company focused on developing novel targeted therapies to inhibit elusive high-value frontier cancer targets within notorious growth and survival pathways, with particular emphasis on RAS and mTOR signaling pathways.
"The company," the release concludes, "possesses sophisticated structure-based drug discovery capabilities built upon deep chemical biology and cancer pharmacology know-how and innovative, proprietary technologies that enable the creation of small molecules tailored to unconventional binding sites."
Shares which are currently on the market fell $2.19, or 7.4%, to $27.27.
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