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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