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Investing.com -- Gain Therapeutics Inc (NASDAQ:GANX) stock fell 11% after the clinical-stage biotechnology company announced plans for an underwritten public offering of common stock and warrants to purchase common stock.
The company, which specializes in developing allosteric small molecule therapies, intends to use the proceeds to advance clinical and nonclinical development of its lead product candidate GT-02287 for treating neurodegenerative diseases, including GBA1 Parkinson’s disease, and for general corporate purposes.
Gain expects to grant the underwriter a 30-day option to purchase up to an additional 15% of the shares and/or warrants offered. Newbridge Securities Corporation is acting as the sole book-running manager for the proposed offering.
The final terms of the offering will depend on market conditions at the time of pricing, and the company noted that there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
The stock’s decline reflects typical market reaction to public offerings, which often lead to share dilution for existing stockholders.
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