07:11 AM EDT, 10/17/2024 (MT Newswires) -- Capricor Therapeutics ( CAPR ) said Thursday that it priced an underwritten offering of about 4.4 million shares at $17 per share for expected gross proceeds of about $75 million.

The company granted underwriters a 30-day option to buy up to an additional 661,800 shares. The offering is expected to close on Friday.

Net proceeds will be used for the development and manufacturing of its product candidates, and for working capital and general corporate purposes, the company said.

Capricor shares fell more than 11% in recent premarket activity.

Price: 18.21, Change: -2.30, Percent Change: -11.21