Why Did RGNT Stock Surge More Than 850% Today?

• On May 1, the company proposed a public offering of 3.33 million ordinary shares at an assumed price of $3 per share.
• Regentis had also granted underwriters a 45-day option to purchase up to 500,000 additional shares.
• Regentis’ lead therapy GelrinC is being evaluated in a Phase III trial, with more than 50% patients already enrolled.

Shares of Regentis Biomaterials (RGNT) ripped past 850% on Monday to a fresh all-time high, as investors cheered the withdrawal of a proposed public share offering.

RGNT shares also clocked their biggest-ever single-day gains.

RGNT Withdraws Proposed Public Offering

On Monday, Regentis Biomaterials filed an application with the Securities and Exchange Commission (SEC) to withdraw its Form F-1 registration statement, indicating that it no longer plans to proceed with a proposed public offering announced last month.

On May 1, the company proposed a firm-commitment public offering of 3.33 million ordinary shares at an assumed price of $3 per share, which would have raised about $10 million before expenses. The company also granted the underwriters a 45-day option to purchase up to 500,000 additional shares to cover any over-allotments.

RGNT Preparing For European Comemrcialization Of GelrinC

Regentis Biomaterials is a regenerative medicine company developing tissue-repair treatments, with an initial focus on orthopedic conditions. Its lead product, GelrinC, is a hydrogel implant designed to help regenerate damaged knee cartilage.

Earlier this month, the company said GelrinC was being evaluated in a Phase III U.S. trial, with more than 50% patients already enrolled. Regentis said it is positioning itself for potential European commercialization, completion of the study, and eventual FDA submission.

What Does Retail Think Of RGNT?

Retail sentiment on Stocktwits remained ‘extremely bullish’ over the past 24 hours, while message volumes saw a mammoth 22,600% increase in the same time frame.

One user expects the stock to rally even further after hours.

The stock has gained more than 98% so far this year.

Read also: HIMS Stock Set To Test A Crucial Resistance – Is Retail Expecting A Breakout?

For updates and corrections, email newsroom[at]stocktwits[dot]com.