Through Wednesday, the stock had roughly quadrupled year to date.
Proceeds and company background
Edesa said it intends to use net offering proceeds for general purposes, including working capital, capex, and R&D and manufacturing expenses.
The company, which focuses on treatments for medical dermatology and respiratory diseases, has about 9.6 million shares outstanding.
Guggenheim Securities is the sole bookrunner for the offering.
Shares fall after overnight follow-on pricing
Shares of Edesa Biotech (EDSA.O) were down 13.7% at $4.96 premarket after an overnight $25 million follow-on was priced.
The Canadian clinical-stage biopharma late Wednesday announced pricing of about 3.9 million shares and pre-funded warrants to buy 675,000 shares, along with accompanying warrants.
The combined offering price of $5.50 was a 4.3% discount to the stock's last close of .
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