INOVIO Pharmaceuticals Stock Slides After Public Offering

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.

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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.