Shares of INOVIO Pharmaceuticals (NASDAQ: INO) are down on Thursday after the company announced a proposed public offering of $150 million worth of shares of its common stock.
Bank of America securities, Jeffries, and Cantor, are acting as joint bookrunner managers for the offering while Oppenheimer & Co is acting as lead manager for the offering.
INOVIO said it intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares of common stock sold in connection with the offering.
The biotechnology company intends to use the net proceeds from the offering to develop its clinical pipeline, including clinical development expenses relating to INO-4800, research and development costs, and general corporate purposes, including working capital and admin expenses.
Inovio shares have fallen 6.79% since the news, sitting at $9.06. On Wednesday the company's shares fell 3.76% closing at $9.72.