01:03 PM EDT, 09/27/2024 (MT Newswires) -- (Corrects the company name in the headline.)

EnVVeno Medical ( NVNO ) said Thursday it has priced a public offering of about 4.3 million common shares or pre-funded warrants at $3.50 per share for expected gross proceeds of about $15 million.

The underwriter has been granted a 30-day option to purchase up to 642,857 additional shares.

Net proceeds from the offering, which is set to close Sept. 30, will be used primarily for continued drug development and for general corporate purposes.

Shares of the company fell more than 15% in pre-bell activity Friday.

Price: 3.40, Change: -1.10, Percent Change: -24.44