08:55 AM EDT, 04/16/2024 (MT Newswires) -- PainReform ( PRFX ) said Tuesday that it has priced a public offering of 5 million shares and warrants to purchase up to 5 million shares at a combined price of $0.80 per share and warrant.

The offering is expected to bring in gross proceeds of $4 million, which the company said it will use to advance its clinical studies, and for general corporate purposes.

The warrants will have an exercise price of $0.80 per share and will expire five years from the issuance date. The offering is expected to close by Thursday.

Shares of PainReform ( PRFX ) were down more than 25% in recent Tuesday premarket activity.