Optinose’s stock plunges after stock offering prices at discount

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Shares of Optinose Inc. plunged 23% in premarket trading Friday, after the specialty pharmaceuticals company, focused on ear, nose, throat and allergy patients, said its stock offering priced at a deep discount. The company said its offering of 6 million shares, which represents about 13% of the shares outstanding, priced at $5.85 a share, to raise $35.1 million. The pricing was 13.8% below Thursday’s closing price of $6.79. The company said it plans to use the proceeds for working capital, including the commercialization and development of XHANCE, a treatment of chronic sinusitis, and the clinical development of OPN-019 for the treatment of COVID-19. The stock offering comes after the stock had run up 74.0% over the past three months through Thursday, while the S&P 500 had advanced 18.3%.
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