Senti Biosciences Skyrockets 400% On Oversubscribed PIPE Deal, Promising Cancer Trial Data: Retail Overjoyed
By Stocktwits Inc | First Published Dec 3, 2024, 12:13 AM ISTThe stock rallied to levels last seen in April 2023, drawing significant attention from retail investors.
Shares of Senti Biosciences Inc. skyrocketed over 400% on Monday afternoon, making it the top gainer across U.S. stock exchanges and the top trending ticker on Stocktwits.
The surge was fueled by the biotech company’s announcement of an oversubscribed private placement and promising early clinical data for its experimental blood cancer treatment.
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The stock rallied to levels last seen in April 2023, drawing significant attention from retail investors.
Senti disclosed that it had entered into a securities purchase agreement with existing and new accredited investors to raise approximately $37.6 million through the sale of Series A convertible preferred stock in a private investment in public equity (PIPE) financing.
The deal includes warrants allowing investors to purchase up to an additional 25,069,500 shares of the company’s common stock, contingent on shareholder approval.
Additionally, an option was granted to a specific investor to buy 4,444 more shares of preferred stock and accompanying warrants, potentially generating $10 million more in gross proceeds by Dec. 27.
The PIPE financing, led by Celadon Partners and supported by institutional players like New Enterprise Associates, Leaps by Bayer, and Nantahala Capital, is expected to close by Thursday.
Senti plans to use the proceeds to advance its SENTI-202 program, scale manufacturing capabilities, support ongoing R&D efforts, and for general corporate purposes.
Positive clinical data from the Phase 1 trial of SENTI-202 also contributed to the stock’s meteoric rise.
The trial focused on treating acute myeloid leukemia and other relapsed or refractory hematologic cancers using Senti’s proprietary gene circuit technology.
Initial results revealed that two of three treated patients achieved complete remission, confirmed by bone marrow biopsy, with both patients remaining in remission for three and four months, respectively.
The treatment was reported to have a generally well-tolerated safety profile at the administered dose, with further trial updates expected next year as dose escalation continues.
On Stocktwits, retail sentiment for SNTI turned ‘extremely bullish’ amid soaring message volume.
Year-to-date, Senti Biosciences shares have gained over 70%, with Monday’s explosive rally marking a pivotal moment for the company’s visibility in the biotech sector.
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