What In The World Is Going On With Avenue Therapeutics Stock?

Avenue Therapeutics Inc ATXI shares are trading lower by 62.64% to $2.35 Friday morning after the company priced a roughly 3.6 million unit offering at $3.30 per unit.

What Else?

Avenue Therapeutics says the offering is expected to close on October 11, subject to the satisfaction of customary closing conditions.

Avenue expects to use the net proceeds from the offering, together with its existing cash, to repurchase all of the shares of its common stock held by InvaGen Pharmaceuticals Inc., with the remainder to be used for general corporate purposes and working capital, including the development of its drug product candidates.

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According to data from Benzinga Pro, Avenue Therapeutics has a 52-week high of $27.75 and a 52-week low of $2.35.