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Surface Oncology Fully Utilizes Its $30M At-the-Market Facility

CAMBRIDGE, Mass., May 20, 2020 (GLOBE NEWSWIRE) -- Surface Oncology  (NASDAQ:SURF), a clinical-stage immuno-oncology company developing next-generation immunotherapies that target the tumor microenvironment,

Benzinga · 05/20/2020 11:18

CAMBRIDGE, Mass., May 20, 2020 (GLOBE NEWSWIRE) -- Surface Oncology  (NASDAQ:SURF), a clinical-stage immuno-oncology company developing next-generation immunotherapies that target the tumor microenvironment, announced today that it has raised gross proceeds of approximately $28.9 million through its At-the-Market, or ATM, facility with participation based on interest received from EcoR1 Capital LLC, Venrock Healthcare Capital Partners, BVF Partners L.P., and RS Investments, a Victory Capital investment franchise.  Surface Oncology sold approximately 10.9 million shares of its common stock at a purchase price of $2.66, the market price at the time of the sale.  This transaction exhausts the balance on the $30 million ATM facility. JonesTrading Institutional Services LLC is acting as the sales agent for the ATM facility.