11:19 AM EDT, 05/03/2024 (MT Newswires) -- Abeona Therapeutics ( ABEO ) said Friday it is selling about 12.3 million shares at $4.07 per share and, in lieu of stock, pre-funded warrants to buy some 6.1 million shares at $4.0699 per warrant to raise about $75 million in an underwritten offering.

The pre-funded warrants will be immediately exercisable, the company said. It expects to close the offering May 7.

The company said it plans to use the net proceeds to fund preparations for the resubmission of biologics license application and commercialization of pz-cel, as well as working capital and general corporate purposes.

Adage Capital Partners, Janus Henderson Investors, Nantahala Capital, Suvretta Capital and Vivo Capital are among the investors participating in the offering, Abeona added. Stifel is the sole bookrunner for the offering.

The company shares were up more than 14% in recent trading.

Price: 4.67, Change: +0.60, Percent Change: +14.62