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Tuesday, Mar 19, 2024

Sienna Slumps on Secondary Offering Announcement

Sienna Biopharmaceuticals Inc.’s announcement that it will conduct a secondary stock offering this week to raise $20 million sent shares down 18 percent on Wednesday. The Westlake Village company, a clinical-stage biotech focused on inflammatory skin conditions, will sell 8 million shares at $2.50 each. The underwriters will have a 30-day option to purchase 1.2 million extra shares at the same price. The offering is expected to close on Friday. Cowen and BMO Capital Markets are joint book-running managers for the offering. Shares of Sienna (SNNA) closed Wednesday down 54 cents, or 18 percent, to $2.45 on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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