San Diego biotech Trovagene closed an $18 million public offering on June 12.
Proceeds will flow to research and development, along with working capital and general corporate purposes, according to the company, which is developing targeted therapeutics to treat hematologic and solid tumor cancers.
Trovagene’s shares fell upon the public offering announcement on June 7, from $1.77 to $0.92. On June 13, the stock traded at $0.84.
The offering included 9,140,000 share of Class A common stock at a price of $1 per unit.
Correction: This article was updated to state Trovagene’s area of focus in developing targeted therapeutics.