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Sophiris Bio To Raise $5 Mln With At-The-Market Offering; Shares Drop 12%

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Shares of Sophiris Bio ( SPHS ) are down 12% after the company announced after Friday's close it plans sell shares in the company at $1.40 per share to raise approximately $5 million. This represents an 11% discount from the its closing price on Friday.

Additionally, for each share purchased, the investor will receive a warrant to purchase 1/2 of a share of common stock of the company for $1.40 per share for five years after the closing.

Sophiris intends to use the net proceeds from the offering for general corporate purposes and to service its outstanding debt owing under a secured promissory note.Â

SPHS last traded at $1.38 with a 52-week range of $0.61 to $3.85.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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