Panbela Therapeutics shares slid 35% and hit a new 52-week low after the clinical-stage biopharmaceutical company filed with the Securities and Exchange Commission for a public offering of common stock and warrants.
Shares of the Waconia, Minn., company were recently down 35% to $4.48 after touching a 52-week low of $4.31 earlier Monday.
Panbela said it plans to sell more than 3 million shares, each with accompanying warrants to buy two additional shares.
Panbela, which has about 480,000 shares outstanding following a recent 1-for-20 reverse stock split, said it plans to use proceeds from the offering for the continued clinical development of its initial product candidate ivospemin.