02:29 PM EDT, 07/30/2024 (MT Newswires) -- Day One Biopharmaceuticals ( DAWN ) said Tuesday it expects to raise $175 million in gross proceeds from an oversubscribed private placement of securities.

The offering comprises about 10.6 million common shares at a price of $14.50 each and around 1.5 million pre-funded warrants at $14.4999 apiece.

The placement, which involves new and existing investors including investment management firms and healthcare dedicated funds, is slated to close Thursday, the company said.

The proceeds will be used, along with existing cash, cash equivalents and short-term investments, for working capital and general corporate purposes, it said.

Shares of Day One were up 0.8% in recent trading.

Price: 15.49, Change: +0.13, Percent Change: +0.81