04:54 PM EDT, 05/21/2024 (MT Newswires) -- Erasca ( ERAS ) said late Tuesday it closed an oversubscribed offering of 99.5 million shares at $1.85 apiece for gross proceeds of $184 million.

The completion included the exercise in full by the underwriters of their option to purchase 13 million additional shares, the company said.

Erasca ( ERAS ) intends to use the net proceeds and existing cash, cash equivalents, and marketable securities to fund the research and development of its product candidates and other development programs and for working capital and other general corporate purposes.

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