Oric Pharmaceuticals announces $125M private placement

ORIC Pharmaceuticals (ORIC) announced that it has agreed to sell approximately 19.2M shares of its common stock to a select group of institutional and accredited healthcare specialist investors in a private placement, at a price per share of $6.50, representing a premium of approximately 18% to ORIC’s 10-day trailing volume-weighted average price as of deal signing on May 23. The financing is expected to close on May 29, subject to customary closing conditions. ORIC anticipates the gross proceeds from the private placement to be approximately $125M, before deducting any offering related expenses. ORIC intends to use the net proceeds from the proposed financing to fund research and development of its clinical-stage product candidates and research programs and for working capital and general corporate purposes. The proceeds from this financing, combined with current cash, cash equivalents and marketable securities, is expected to be sufficient to fund the current operating plan into the second half of 2027 and through the anticipated primary endpoint readout from the first ORIC-944 Phase 3 registrational trial in prostate cancer.