Humacyte falls after $20 million direct stock deal

Biotech firm Humacyte's HUMA.O shares falls 10.1% to $0.95 premarket

Durham, North Carolina-based HUMA enters agreement with several new institutional investors to sell 25 million shares in a registered direct offering for gross proceeds of $20 million

Offering led by a new life science dedicated investor and a long-only mutual fund - HUMA

Implied offering price of $0.80 per share represents 24.5% upside to stock's last close

Proceeds will be used to fund commercialization of its implant Symvess for patients with vascular trauma indication, among other purposes

Titan Partners was sole placement agent for offering

6 of 7 brokerages rate the stock "buy" or higher and 1 "hold"; median PT $3.50 - data compiled by LSEG

As of last close, HUMA stock up 10.4% YTD