By Dean Seal
Shares of Fortress Biotech fell after its direct offering was priced below yesterday’s closing price.
The stock was down 16% at $3.27 in premarket trading. Shares had fallen 61% year-to-date when the market closed Thursday.
The biopharmaceutical company said Friday morning that it would offer 3.3 million shares and warrants to buy that same number of shares at a combined offering price of $3.33.
The warrants have an exercise price of $3.21 a share and are immediately exercisable.
Proceeds from the offering are expected to be about $11 million.
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