Xilio Therapeutics tumbles after $50 mln equity offering

Shares of Xilio Therapeutics XLO.O down 31% to 74 cents, a three-week low, early Mon after co secures equity raise

Waltham, Massachusetts -based cancer immunotherapies firm announces offering of pre-funded warrants and warrants for initial gross proceeds of $50 mln

Combined offering price of 75 cents is 30% discount to stock's last close on Fri

If all of Series B and Series C warrants are exercised in cash, co says it could receive additional $100 mln gross proceeds

It plans to use net offering proceeds to advance development of product candidates, and for working capital, among other purposes

Leerink sole bookrunner for 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

Stock's 52-week intraday high is $1.70 (Feb 12) and 52-week low is 62 cents (Apr 7)