By Colin Kellaher
American Depositary Shares of Scinai Immunotherapeutics tumbled in premarket trading Friday after the biopharmaceutical company said it was raising $1.33 million in a registered direct offering.
The Jerusalem-based company said it is agreed to sell nearly 1.15 million ADSs at $1.16 apiece, in line with Thursday’s closing price.
Scinai, which recently changed its named from BiondVax Pharmaceuticals, said it is also issuing unregistered warrants to buy up to another 1.15 million ADSs.
Scinai ADSs were recently down nearly 20% to 93 cents in premarket trading.
Write to Colin Kellaher at [email protected]
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