Axsome Therapeutics shares were down 11% to $74.33 Wednesday after the biopharmaceutical company said it priced an underwritten public offering of 3 million shares at $75 a share.
The proceeds from the offering, before deducting the underwriting discounts and commissions and other offering expenses payable by Axsome, are expected to be $225 million.
Axsome has granted the underwriters a 30-day option to buy up to 450,000 additional shares at the public offering price. The offering is expected to close on or about Friday.
The company said it intends to use the proceeds from this offering to advance its late-stage pipeline, including funding existing and potential new clinical programs, products, and product candidates, to expand its commercialization efforts, and for other general corporate purposes.