Skip to main content
Premium Trial:

Request an Annual Quote

Castle Biosciences Prices $74M Public Offering

NEW YORK – Castle Biosciences said on Thursday that it has priced its underwritten public offering of 2 million shares of its common stock at $37 per share.

The Friendswood, Texas-based company expects gross proceeds of $74 million from the offering. In addition, Castle Bio has granted the underwriters a 30-day option to purchase up to an additional 300,000 shares of stock at the offering price. The offering is expected to close on June 29.

In a filing with the US Securities and Exchange Commission, the company said the principal purpose of the offering is to obtain additional capital to support its operations, and that it doesn't have any specific plan for the use of the net proceeds. However, Castle Bio noted that it does intend to use the proceeds to further support and increase its R&D activities — including those to support the development of its product pipeline — to expand its commercial organization, and for working capital and other general corporate purposes.

SVB Leerink and Baird are acting as joint book-running managers for the offering and representatives of the underwriters. Canaccord Genuity is a passive book-runner and BTIG is acting as co-manager for the offering.

The company's shares fell 2 percent to $38.52 in morning trading on the Nasdaq.

The Scan

Genetic Tests Lead to Potential Prognostic Variants in Dutch Children With Dilated Cardiomyopathy

Researchers in Circulation: Genomic and Precision Medicine found that the presence of pathogenic or likely pathogenic variants was linked to increased risk of death and poorer outcomes in children with pediatric dilated cardiomyopathy.

Fragile X Syndrome Mutations Found With Comprehensive Testing Method

Researchers in Clinical Chemistry found fragile X syndrome expansions and other FMR1 mutations with ties to the intellectual disability condition using a long-range PCR and long-read sequencing approach.

Team Presents Strategy for Speedy Species Detection in Metagenomic Sequence Data

A computational approach presented in PLOS Computational Biology produced fewer false-positive species identifications in simulated and authentic metagenomic sequences.

Genetic Risk Factors for Hypertension Can Help Identify Those at Risk for Cardiovascular Disease

Genetically predicted high blood pressure risk is also associated with increased cardiovascular disease risk, a new JAMA Cardiology study says.