Menlo Therapeutics Inc (NASDAQ:MNLO) shares are trading lower on Friday, after the company reported a common stock offering of 27.05 million shares at $1.85 per share.

Menlo Therapeutics is a U.S.-based late-stage biopharmaceutical company which focuses on the development and commercialization of Serlopitant for the treatment of pruritus associated with dermatologic conditions such as atopic dermatitis, psoriasis and prurigo nodularis.

The pipeline product of the company includes Prurigo Nodularis, Prurigo Dermatitis, Psoriasis and Refractory Chronic Cough.

Menlo Therapeutics's stock was trading down 14.03% at $1.90 on Friday. The stock has a 52-week high of $7.48 and a 52-week low of $1.