WASHINGTON (dpa-AFX) - Inovio Pharmaceuticals, Inc. (INO), a clinical-stage biotechnology company, Friday announced the pricing of a public offering of 10 million common shares and also warrants to buy 10 million shares.
The offering is expected to bring in $30 million before subtracting underwriting fees, commissions, and other expenses, and without factoring in any warrant exercises. All of the securities in the offering are being sold by INOVIO.
Each warrant allows the purchase of a share at an exercisable price of $3.76. The combined public offering price for one share and one warrant is $3.00.The offering is expected to close on December 16.
Stephens Inc. is serving as the lead manager, while, Oppenheimer & Co. Inc. and Citizens JMP are serving as the joint book-running managers for the offering.
In the pre-market trade today, INO shares were trading down more than 23% or $0.87 at $2.89 on the Nasdaq.
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