11:35 AM EDT, 05/06/2025 (MT Newswires) -- NuCana ( NCNA ) shares dropped about 70% in recent trading on Tuesday after the company priced a direct offering of around 10.85 American depositary shares to raise about $7 million.

Each ADS will be accompanied by a series A warrant to buy one ADS at an initial exercise price of $0.8068 per share and a series B warrant to buy one ADS at $1.61 per share, the company said.

The combined offering price of each ADS with the accompanying warrants is $0.6454, it said, adding that pre-funded warrants may be purchased in lieu of the ADSs.

The offering is expected to close Wednesday, NuCana ( NCNA ) said.

The company said it plans to use the proceeds to fund activities relating to its drug discovery and development programs, and for other general corporate purposes.

Price: 0.34, Change: -0.76, Percent Change: -68.82