Health Care Sector Update for 12/07/2018: TENX, MNTA, INSP
Top Health Care Stocks
Health care stocks extended their declines through Friday trading, with the NYSE Health Care Index dropping to a 2.1% retreat this afternoon while shares of health care companies in the S&P 500 were down 2.7% as a group.
In company news, Tenax Therapeutics ( TENX ) fell nearly 13% after it said it has priced its underwritten offering of about 5.2 million units at $1.93 each, for gross proceeds of about $10 million. Each unit consists of one share of series A convertible preferred stock with a conversion price of $1.93, a two-year warrant to purchase one share of common stock with an exercise price of $1.93 per share, and a five-year warrant to purchase one share of common stock with an exercise price of $1.93 per share. The offering is expected to close on or about Dec. 11. Tenax intends to use the net proceeds for its clinical trials and efforts to obtain regulatory approval of levosimendan, for research and development, and for general corporate purposes, including working capital and potential acquisitions.
In other sector news,
(+) Momenta Pharmaceuticals ( MNTA ) Prices the underwritten public offering of 17,391,305 of its common shares at $11.50 apiece, a discount of about 4.8% to the stock’s previous close, for total proceeds of $200 million.
(-) Inspire Medical Systems ( INSP ) Prices public offering of a total of 2.5 million common shares at $40 apiece, a 2.6% discount to the stock’s closing price on Thursday.
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