Shares of the Context Therapeutics Inc. (CNTX) stock were rising in the premarket trading session today on January 6, 2022. CNTX stock price saw a push of 1.61% to reach $2.53 a share at the time of this writing. The stock was gloomy in the previous trade and went down by 9.12% at closing. Let’s see the reason behind this rise is.
What’s Happening?
Context Therapeutics recently announced that it has appointed Christopher Beck as SVP of operations and Mark Fletcher, Ph.D., as VP of R&D. The company also announced that Bill Rencher, Ph.D. is retiring from its current role of head CMC. These new appointments will strengthen the research and development team of the company -a good sign for the growth of the company as well as CNTX stock.
Mr. Beck was previously serving Galera Therapeutics as the VP of Program Management. He is a graduate of Drexel University and did his M.B.A. from Penn State University. Dr. Fletcher previously served Pharmaceutical Associates as the VP of Product Development. He has profound experience in analytical, development, and regulatory activities.
Previous news of CNTX stock
On December 10, 2021, CNTX announced the Positive Data from ONA-XR in postmenopausal patients with early breast cancer. According to the data, ONA-XR demonstrated a significant increase in the suppression of tumor cell proliferation. The company is evaluating ONA-XR in four clinical trials. The company will provide updates regarding the data from the other three trials this year. This reflects that the company is advancing its clinical trials. Context Therapeutics has got encouraging results concerning ONA-XR so far. The future updates of the data will play an important role in the growth of CNTX stock.
Private Placement of CNTX stock
Context Therapeutics on December 6, 2021, announced the closing of the private placement for the sale of 5,000,000 shares of common CNTX stock along with warrants to buy 5,000,000 shares of common stock. The gross proceeds were $31.25 million before deducting offering-related expenses. The combined offering price for the common stock and warrant was $6.25 per share. The exercise price of warrants is $6.25 per share and can be exercisable within a five- and one-half year term.
Financial view of CNTX stock
According to third-quarter 2021 financial results, the company spent $0.7 million in R&D expenses in the three months ended September 30, 2021. General and administrative expenses of the company were $0.8 million in the third quarter of 2021. Net loss in the recently reported quarter was $1.4 million as compared to $0.9 million in the same tenure of the previous year. The company ended the quarter with $0.4 million in cash and cash equivalents.
