** Shares of cancer drug developer CG Oncology fall 4.8% to $32.09 premarket

** CGON unveils proposed public offering wherein the late-stage drug developer along with an existing shareholder plans to sell shares

** Co is offering 7.3 mln shares, while investment firm ORI Capital is selling 700,000 shares in the proposed offering

** CGON's experimental immunotherapy has shown promise in bladder cancer, researchers reported last week

** Co plans to use the proceeds to fund the development of its experimental immunotherapy

** Morgan Stanley, Goldman Sachs, TD Cowen and Stifel are the joint book-running managers for the offering

** Co has 67.6 mln outstanding shares and $2.28 bln market capitalization - LSEG data

** CGON debuted on the Nasdaq in January after an upsized $380 mln offering at $19 IPO price

** As of last close, CGON shares up 77.4% since debut on Jan. 25

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))