Shares of Outlook Therapeutics Inc. (NASDAQ: OTLK) fell 23.75% to 84 cents in Thursday trading after the biopharmaceutical company priced a public offering of 55.56 million shares of common stock and accompanying warrants for approximately $55 million. The shares opened at 77 cents and traded in a range of 76 to 85 cents during the Nasdaq session. Trading volume reached 36.76 million shares versus an average daily volume of 22.43 million.
The shares and warrants were priced at 99 cents per share and accompanying warrant, with the warrants exercisable at $1.10 per share for five years. Outlook Therapeutics said it plans to use the proceeds to support the U.S. commercial launch of LYTENAVA, as well as to fund working capital and general corporate purposes.