04:26 PM EST, 01/27/2025 (MT Newswires) -- Medexus Pharmaceuticals ( MEDXF ) , which saw its shares drop 6.5% today, after trade Monday afternoon launched an offering of common shares.

The offering may include an additional 15% of shares if the underwriters choose to exercise an over-allotment option, the company said, adding that the size and price of the offering will be determined based on market conditions at the time of the agreement.

The offering is set to close around Jan. 31. The proceeds will be used to repay a $2.5 million credit to medac, cover milestone payments to medac, and for general working capital and business development purposes, the company said.