Stock Alert: Mersana Shares Hit New 52-Week High

(RTTNews) - Shares of Mersana Therapeutics Inc. (MRSN) hit a new 52-week high of $23.40 on Friday, May 29, before closing at $22.64, up $2.95 or 14.98%. The stock, further, gained 36 cents or 1.59% in the extended trading session on Friday. Trading volume surged to 9.85 million versus an average volume of 2.01 million shares.

Most recently on May 28, the company announced the pricing of an underwritten public offering of 8 million common shares at a price to the public of $19.00 per share. Gross proceeds to Mersana from the offering are expected to be $152.0 million, before deducting underwriting discounts and commissions and offering expenses payable by Mersana.

The company noted that it intends to use the net proceeds from the offering to support clinical development of XMT-1536 and XMT-1592, to progress Mersana's next ADC product candidates into Phase 1 clinical development, to progress Mersana's early platform development and the balance to fund working capital, capital expenditures and other general corporate purposes.