Shares of POINT Biopharma Global Inc. fell 4.1% to $9.75 in after-hours trading Tuesday after it said it has commenced an underwritten public offering of its common stock.
The company said it also expects to grant the underwriters a 30-day option to purchase up to an additional 15% of its stock.
Piper Sandler and Guggenheim Securities LLC are acting as joint book-running managers for the offering. Oppenheimer & Co. is acting as lead manager.
POINT said it intends to use the proceeds, along with its existing cash, cash equivalents and investments, to fund clinical and preclinical research-and-development programs. It also plans to use the funds for pre-commercialization activities and for working capital and other general corporate purposes.