Home Top Movers Why did Seelos Therapeutics Inc. (SEEL) stock price plunge in premarket?

Why did Seelos Therapeutics Inc. (SEEL) stock price plunge in premarket?

Seelos Therapeutics, Inc. (SEEL), a clinical-stage biopharmaceutical company specializing to develop technologies and therapeutics for the treatment of central nervous system and respiratory disorders, declared the commencement of an underwritten public offering of shares of common stock.

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At last check, shares of Seelos Therapeutics Inc. (SEEL) were down -7.34% at $3.03. SEEL’s stock closed the last session at $3.27, increasing 2.51% or $0.08. Shares of the company fluctuated between $3.09 and $3.485 throughout the day.  The shares of Seelos Therapeutics Inc. have retreated to -32.72% in the last five days; however, they have lost -35.88% over the last month.

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About Underwritten Public offering

The offering is dependent upon the market and various other conditions, and there is still no confirmation regarding the completion of the offering. The size and terms of the offerings have also not been announced yet. However, SEEL aims to allow the underwriters a 30-day option to purchase up to an extra 15% of the aggregate number of shares of common stock sold in the offering under the corresponding conditions and regulations. Seelos Therapeutics will be given the position to sale 100% the shares of common stock in the offering.

SEEL aims to use a part of the net proceeds from the offering to repay specific outstanding convertible promissory notes and the capital left for general corporate purposes and to enhance the development of its product line.

Seelos Therapeutics Announces Positive Topline Data For SLS-002 intra nasal Racemic Ketamine.

SLS-002 had a high tolerance, with 47% of patients having a minimum of one treatment-emergent negative event. There was no consequential negative event, and all adverse events were significantly mild, usually transient in nature, with no new safety signals found.

No negative scenarios linked to blood pressure or other vital sign variation were reported in this study population. The most seen treatment emergent adverse events (three subjects each) were inclusive of headache, dizziness, and feeling abnormal.

Four subjects stopped the trial before it had officially finished. Two withdrew consent, one had a negative event not related to study drug, and one was lost to follow up. All four were administered with less than 5 doses and had a clinically immense reduction in measures of suicidality – scoring a zero on the S-STS total score, and three of the four subjects had a decline on both the CGIS-SI/B, and the PGIS-SI/B.

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Conclusion

Announcement to commence underwritten offering failed to induce adequate investor interest due to terms and conditions not exceeding shareholder expectations, however topline positive data may potentially provide SEEL stock some stability in the foreseeable future.

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