INmune Bio Stock Slumps On 3M Share Offering Ahead Of Mid-stage Trial Data, But Retail Remains Bullish

INmune Bio Inc. (INMB) on Friday said that it entered into securities purchase agreements with two healthcare-focused institutional investors for the purchase and sale of 3 million shares of its common stock.

The company said that it would sell 3 million shares of its common stock in a registered direct offering at a purchase price of $6.30 per share. The proceeds from the offering are expected to be about $19 million, excluding costs such as fees to the placement agency Alliance Global Partners.

INmune Bio said that it intends to use the proceeds from the offering for working capital purposes and general corporate purposes.

The closing of the offering is expected to occur on or about June 20.

INMB shares are down 19% on Friday afternoon. 

On Stocktwits, retail sentiment around INmune Bio is unmoved within the ‘extremely bullish’ territory over the past 24 hours, while retail chatter stayed at ‘extremely high’ levels.

A Stocktwits user opined that the company is headed to a year-long downtrend.

Another user opined that a stock offering before data results is “sketchy.”

INmune Bio is slated to present topline results from its mid-stage Alzheimer’s trial, the MINDFuL study, on Monday. The trial is testing its lead drug candidate XPro in patients with mild cognitive impairment or Alzheimer’s disease with brain inflammation.

The MINDFuL study will compare XProTM to placebo to find out whether XPro affects memory, functioning, and behavior. The study will also evaluate whether XPro is safe and tolerable.

INMB stock is up by 9% this year and down by about 41% over the past 12 months.

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