12:52 PM EDT, 06/14/2024 (MT Newswires) -- Gain Therapeutics ( GANX ) shares tumbled more than 31% in recent Friday trading after the company priced an underwritten public offering to raise about $11 million.

Gain said it is pricing about 7.12 million shares at $1.35 per share and pre-funded warrants to purchase around 1.03 million shares in lieu of stock to certain investors.

The company said it granted its underwriter a 30-day option to purchase up to an additional 1.2 million shares. Titan Partners Group, a division of American Capital Partners, is the sole bookrunner for the offering.

Gain said it intends to use the net proceeds for development of its lead product candidate and for general corporate purposes.

Trading volume stood at around 2.3 million shares against a daily average of about 129,000 shares.

Price: 1.29, Change: -0.60, Percent Change: -31.75