Spring Bank raises $37.5M follow-on

Spring Bank Pharmaceuticals Inc. (NASDAQ:SBPH) raised $37.5 million through the sale of 2.9 million shares at $13 in a follow-on underwritten by Cantor Fitzgerald, William Blair and Chardan. The price is a 6% discount to the company’s close of $13.76 on Wednesday, when Spring Bank proposed the offering after market close. Spring Bank lost $0.76 to $13 on Thursday.

Last month, Spring Bank said top-line data from the lowest dose cohort of a Phase IIa study showed that SB 9200 met one of the trial's primary endpoints to treat chronic HBV infection. The company expects data in 4Q17 from a cohort evaluating a higher dose. The study is also evaluating safety. SB 9200 is a nucleic acid hybrid targeting DEAD box polypeptide 58 (RIG-I; DDX58) and caspase recruitment domain family member 15 (CARD15; NOD2)...