Stock Alert: Unum Therapeutics Stock Up 36%

(RTTNews) - Shares of Unum Therapeutics Inc. (UMRX) are currently trading at $3.00, up 80 cents or 36.36%. The stock has been trading in the range of $0.29 - $3.39 for the past one year. Trading volume surged to 18.3 million versus an average volume of 1.64 million shares.

The company, on Monday, announced completion of the acquisition of Kiq LLC, a privately held, biotechnology company focused on the discovery and development of precision kinase inhibitors.

Concurrent with the acquisition of Kiq, Unum entered into a definitive agreement for the sale of Series A non-voting convertible Preferred Stock in a private placement to a group of institutional accredited investors led by Fairmount Funds Management LLC, with participation from Venrock Healthcare Capital Partners, BVF Partners L.P., Atlas Venture, Acorn Bioventures, Perceptive Advisor's LLC, RTW Investments, OrbiMed, Samsara BioCapital, Logos Capital, Ally Bridge Group and Commodore Capital, as well as additional undisclosed institutional investors.

The company noted that the private placement is expected to result in gross proceeds to Unum of about $104.4 million before deducting placement agent and other offering expenses. The proceeds from the private placement would be used to advance clinical testing of PLX9486, a highly potent and selective KIT D816V inhibitor, in multiple indications and provide runway beyond 2022, Unum said.