NEW YORK – Epigenetics firm VolitionRx announced on Friday that it has priced an underwritten public offering of 4.3 million shares of its common stock at $1.75 per share, with expected gross proceeds of about $7.5 million.
Volition has also granted the underwriter a 30-day option to purchase up to an additional 645,000 shares of its common stock at the public offering price, less underwriting discounts and commissions, to cover over-allotments related to the offering, the company said in a statement.
The firm said it intends to use the proceeds for research and continued product development, clinical studies, product commercialization, working capital, and other general corporate purposes, including potential strategic acquisitions.
The offering is expected to close on Feb. 22, and Newbridge Securities is acting as the sole bookrunning manager of the offering.
In early morning trading on the Nasdaq, VolitionRx's shares were down 15 percent to $1.73.