Inovio Pharmaceuticals Inc. (NASDAQ:INO) shares tumbled in Wednesday’s after-hours session after the biotechnology company priced a $20 million underwritten public offering of common stock and accompanying warrants.
The stock closed Wednesday’s regular session up 0.97% at $1.04 before falling 21.20% in after-hours trading to $0.82.
The company develops and commercializes DNA medicines targeting HPV-related diseases, cancer and infectious diseases.
Public Offering of 21.05 M Shares
Inovio priced an underwritten public offering of 21.05 million shares of common stock and accompanying warrants to purchase up to 42.11 million additional shares of common stock, or pre-funded warrants in lieu thereof. The securities are being offered at a combined public offering price of $0.95 per share and accompanying warrant.
