11:24 AM EDT, 06/28/2024 (MT Newswires) -- Elicio Therapeutics ( ELTX ) shares fell 38% in recent Friday trading after the company priced a $11.5 million underwritten public offering of its common shares and related warrants.

The offering includes 500,000 common shares and accompanying warrants at an exercise price of $5 apiece, the company said Friday.

Certain investors are entitled to prefunded warrants to buy up to 1.8 million shares at an exercise price of $0.01 apiece and accompanying common warrants at an exercise price of $5 a share, the company said. The common warrants will expire five years after the issuance date.

The offering is expected to close around Monday. Net proceeds will be for the development pipeline and general corporate purposes, the company said.

Price: 4.27, Change: -2.63, Percent Change: -38.10