Amylyx Pharmaceuticals (NASDAQ:AMLX) saw its shares retreat more than 4% in premarket trading Wednesday following the announcement of a new equity raise.
The Cambridge, Massachusetts-based biotech priced a follow-on offering of 17.5 million shares at $10 apiece, marking a 4.9% discount to Tuesday’s closing price. The sale brings in roughly $175 million in gross proceeds.
According to the company, the funds will be directed toward preparing for the potential commercialization of Avexitide, a treatment for post-bariatric hypoglycemia, a condition that leads to dangerously low blood sugar in patients after weight-loss surgery.
The offering was formally announced early Wednesday morning.
Amylyx Pharmaceuticals stock price
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