BUZZ-OvaScience Inc: Set for biggest drop in 9 mths after equity raise

Thu May 26, 2016 8:30am EDT
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** OvaScience Inc shares down 23 pct premarket as co prices its follow-on launched after the bell Wednesday

** Stock on track for biggest intraday pct drop since Sept

** Fertility treatment provider offers 7.15 mln shares at $7.00, a 28-pct discount to stock's $9.78 last sale

** Co says to use net proceeds of $46.8 mln to fund commercial expansion of its AUGMENTSM treatment in its key regions, Japan and Canada, and ongoing pre-commercial activities

** Longwood Fund, affiliated with insiders, including CEO Michelle Dipp, buying up to $5 mln worth of deal shares, according to preliminary prospectus

** Transaction represents 26 pct of OvaScience's 27.3 mln total shares outstanding as of Mar 31

** Through Wed's close, OVAS shares unchanged in 2016 vs decline of 19 pct for the Nasdaq Biotechnology index