The company said the underwriter has agreed to purchase on a firm-commitment basis 40 million shares at $1.25 per share. It also granted the underwriter a 30-day option to buy up to an additional 6 million shares.
Net proceeds from the offering will be used for working capital and general corporate purposes, including the ONS-5010 development program.
Shares of the biopharmaceutical firm declined more than 21% during the recent premarket trading activity on Wednesday.
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