Shares of Aslan Pharmaceuticals Ltd. (6497.OT) jumped 42% on heavy volume in afternoon trading, but pared by more than half earlier gains of over 100%, after the biotechnology company took advantage of a more-than 12-fold rally in six days to sell more shares to the public. Trading volume swelled to 12.5 million shares, compared with the full-day average of about 1.6 million shares. The Singapore-based company did not provide details about the size of the public offering of American Depositary Shares (ADS). Aslan said it planned to use the proceeds from the stock offering to help fund clinical development of its ASLAN004 and ASLAN003 potential products, and for general corporate purposes. Earlier Monday, the stock had more than doubled (up as much as 114%) after Aslan provided upbeat data ( ) from a study of its atopic dermatitis treatment ASLAN004. The stock has now soared 1,132% since the company announced on Nov. 22 that preclinical data characterized ASLAN003 as a potential treatment for acute myeloid leukemia (AML). The stock has now gained 50.5% year to date, while the iShares Nasdaq Biotechnology ETF (IBB) has advanced 22.7% and the S&P 500 has climbed 24.4%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 02, 2019 13:34 ET (18:34 GMT)
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