The underwriters have been granted a 30-day option to purchase up to 8.5 million additional shares
The company intends to use the net proceeds to fund drug development and commercialization costs and for working capital and other general corporate purposes.
Closing of the offering is expected to occur on Jan. 31, subject to customary closing conditions.
Shares fell nearly 24% to $1.45 in after-hours trading on Wednesday.
Price: 1.45, Change: -0.45, Percent Change: -23.68
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