Xilio Therapeutics drops on equity raise plans

Shares of Xilio Therapeutics XLO.O down 27% to 78 cents before the bell as co seeks equity raise

Waltham, Massachusetts -based XLO commences public offering of pre-funded warrants and warrants to purchase shares without disclosing deal size

Cancer immunotherapies firm plans to use net offering proceeds to advance development of product candidates, working capital among other purposes

Leerink sole bookrunner for proposed offering

Co has ~51.8 mln shares outstanding and ~37.2 mln shares of public float, per LSEG data

Over the weekend, XLO presented updated Phase II data for evaluating vilastobart in combination with atezolizumab in patients with a type of colorectal cancer at the annual ASCO meeting in Chicago

On Feb 12, XLO shares more than doubled to close at $1.48 after inking collaboration and option agreement with AbbVie ABBV.N

XLO shares on Fri closed up 11% at $1.07