India, Dec. 3 -- 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 ...