RTTNews | Dec 3, 2021 10:56AM EST

10:56 Friday, December 3, 2021 (RTTNews.com) - Shares of Celyad Oncology SA (CYAD) jumped over 35% on Friday morning after the clinical-stage biotechnology company said it raised $32.5 million in a private placement with Fortress Investment Group.

CYAD is currently trading at $4.98, up $1.34 or 36.81%, on the Nasdaq.

Celyad said it has entered into a subscription agreement with an affiliate of Fortress Investment Group for the private placement of 6.5 million ordinary shares for gross proceeds of $32.5 million.

The company will issue the ordinary shares at $5.00 per share, which represents a 18.5% premium to the 30-day volume weighted average price.

The company intends to use the proceeds to fund research and development expenses, including the clinical development of its allogeneic CAR T candidates CYAD-101 and CYAD-211, to advance the current pipeline of preclinical CAR T candidates, to discover and develop additional preclinical product candidates using its proprietary non-gene edited short hairpin RNA technology platform, as well as for working capital, other general corporate purposes, and the enhancement of the Company's intellectual property.

Read the original article on RTTNews ( https://www.rttnews.com/3246805/celyad-oncology-stock-jumps-35-on-32-5-mln-private-placement.aspx)

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