Verve Therapeutics Inc (VERV)

Shares of Verva Therapeutics Inc (VERV) dropped by 6.12% from $11.93 to $11.20 in the trading on Wednesday, November 29, 2023. The reason why VERV is down today is due to the announcement that the company reported pricing of public offering of common stock and concurrent private placement.

• Public Offering of Common Stock: Verva Therapeutics priced an underwritten public offering of 12,500,000 shares of its common stock at a public offering price of $10.00 per share. This pricing resulted in total gross proceeds of $125.0 million, before deducting underwriting discounts, commissions, and other offering expenses payable by Verva. All of the shares in the public offering were sold by Verva. Additionally, Verva granted the underwriters a 30-day option to purchase up to 1,875,000 additional shares of its common stock at the public offering price, less the underwriting discounts and commissions.
• Concurrent Private Placement: In conjunction with the public offering, Verva agreed to sell, subject to the consummation of the public offering and the satisfaction of other customary closing conditions, 2,296,317 shares of its common stock to Eli Lilly and Company in a private placement exempt from the registration requirements of the Securities Act of 1933. The price per share in this private placement was equal to the public offering price, resulting in total gross proceeds of approximately $23.0 million.

Verve Therapeutics Stock (VERV) dropped by 40.83% from $15.70 to $9.29 in the trading on Monday November 13, 2023. The reason why VERV stock down today is due to the early-stage data for lead asset. The company announced first human proof-of-concept data for in vivo base editing from the ongoing heart-1 phase 1b clinical trial of VERVE-101.

• However, out of nine patients who were part of the safety analysis, there were treatment-related adverse events in the two higher-dose groups.
• Notably, two patients developed serious adverse events, including a myocardial infarction, which was potentially related to treatment, according to the company.