Shares of CG Oncology Inc. (CGON) plummeted 5.37% in pre-market trading on Monday following the company's announcement of a mixed shelf filing. The late-stage clinical biopharmaceutical company, focused on developing bladder cancer treatments, filed a registration statement on Friday for the potential sale of an unspecified amount of securities.
The mixed shelf filing covers the sale of CG Oncology's common stock, preferred stock, debt securities, and warrants. While the company stated that the proceeds from the offering would be used for general corporate purposes, investors appear concerned about potential dilution of existing shares, leading to the sharp decline in stock price.
This news comes amidst CG Oncology's preparations to participate in the 120th American Urological Association Annual Meeting, where the company is set to present key updates on its lead candidate, cretostimogene grenadenorepvec. Despite the promising clinical developments, the market's negative reaction to the potential share dilution overshadowed any positive sentiment surrounding the company's upcoming presentations.
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