09:10 AM EDT, 05/23/2024 (MT Newswires) -- Bicycle Therapeutics ( BCYC ) said Thursday that it expects about $555 million in gross proceeds from a private placement.

The company said it signed a securities purchase agreement to sell 25.9 million American Depositary Shares and non-voting ordinary shares at $21.42 each through a private investment in public equity financing.

Bicycle said the financing round is led by a US-based healthcare investor with participation from Deep Track Capital and EcoR1 Capital, among others, Bicycle said.

The company said it will use the funds from the deal, slated to be completed on Tuesday, to support the development of Bicycle's pipeline, other R&D activities, and general corporate purposes.

Post-financing, Bicycle expects to have $1 billion in cash and cash equivalents as of May 23.

Shares of the company were up more than 17% in recent Thursday premarket activity.

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