Inovio Pharmaceuticals' INO.O shares plummet 21.3% premarket on Thurs to a record low of 82 cents after a $20 million follow-on was priced.
The biotech firm late Weds announced ~21.1 million shares and warrants to buy up to an additional ~42.1 million shares.
The offering was priced at 95 cents versus the stock's last close of $1.04.
Plymouth Meeting, Pennsylvania-based INO has ~82.3 million shares outstanding as of May 12.
The company intends to use net offering proceeds primarily for preparing for a potential commercial launch of INO-3107, if approved, per the prospectus.
INO-3107 is a potential treatment for recurrent respiratory papillomatosis, characterized by growth of benign, wart-like tumors in the respiratory tract, most commonly on the vocal cords.
Piper Sandler is sole bookrunner for the offering.
Through Weds, INO shares had shed 40% year to date.
Two analysts covering the stock rate it "buy" and the other two rate it "hold"; median PT is $2.50, per LSEG.
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