By Denny Jacob
Acumen Pharmaceuticals on Monday said it commenced an underwritten public offering of $100 million shares of its common stock.
The Charlottesville, Va., clinical-stage biopharmaceutical company said it intends to use proceeds from the offering primarily to fund the Phase 2 portion of a future, potential Phase 2/3 trial of ACU193, to fund research and development, and for working capital and other general corporate purposes.
Shares edged down 6.9% to $9.05 in aftermarket trading, reversing gains made earlier in the day. The stock closed up 55% and hit a 52-week high on the heels of a strong showing by its ACU193 therapy in a Phase 1 study in early Alzheimer’s disease.
Write to Denny Jacob at denny.jacob@wsj.com
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