By Josh Beckerman
Shares of Inovio Pharmaceuticals fell to a 52-week low after the company reported the pricing of a $30 million offering.
The stock tumbled 40% to $2.27 in Friday trading, after falling to as low as $2.14 per share. For the year, the shares are down 63%.
Inovio said it sold 10 million shares and 10 million warrants at a combined public offering price of $3 per share and warrant. It disclosed plans for the sale on Thursday.
The company intends to use proceeds for purposes including development of its clinical pipeline, and preparing for the potential commercial launch of lead drug candidate INO-3107, if it's approved.
INO-3107, a potential treatment for recurrent respiratory papillomatosis, received Breakthrough Therapy designation from the Food and Drug Administration in September 2023.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
December 13, 2024 13:11 ET (18:11 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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