10:00 AM EDT, 08/09/2024 (MT Newswires) -- Mind Medicine (MindMed) ( MNMD ) said Friday it expects to raise about $75 million from the sale of common shares and pre-funded warrants in an underwritten public offering due to close around Monday.

The clinical stage biopharmaceutical company said it plans to sell almost 9.3 million shares at $7 apiece and pre-funded warrants to buy about 1.4 million shares at $6.999 per warrant.

Mind Medicine said it plans to use the net proceeds to support the research and development of its product candidates and for working capital and general corporate purposes.

The company's shares were down 1.6% in early trading Friday.

Price: 7.56, Change: -0.13, Percent Change: -1.63