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Eloxx Pharmaceuticals, Inc. (ELOX) stock gains during pre-market session. Here’s to know why?

DNAY Stock

DNAY Stock

Eloxx Pharmaceuticals, Inc. (NASDAQ: ELOX) stock gained by 2.92% at last close while the ELOX stock price rises by 2.84% in the pre-market trading. Eloxx Pharmaceuticals is working on developing novel Ribosome Modulating Agents (RMAs) using its groundbreaking TURBO-ZMTM chemistry technology platform and its library of Eukaryotic Ribsome Selective Glycosides (ERSGs).

What is happening?

ELOX on May 18, 2021, announced the successful completion of an underwritten public offering of 38,333,334 shares of common stock at a price of $1.35 per share. The underwriters’ option to buy an additional 5,000,000 shares of common stock at the public offering price, less underwriting discounts and commissions, was fully exercised at the closing. After subtracting underwriting discounts and fees, as well as sale costs, the total proceeds from the offering is roughly $51.75 million.

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The offering is being managed by B. Riley Securities, Inc. as the sole bookrunner.

Financial Results

On May 7, 2021, Eloxx Pharmaceuticals announced its first-quarter 2021 financial results. Given below is the summary.

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