AEON Biopharma Inc ( AEON ) shares are trading lower by 65% to 19 cents during Monday’s session after the company announced the pricing of a $20 million offering of 40 million units at 50 cents per unit.

The funds will support AEON's development of ABP-450, a biosimilar to BOTOX for therapeutic use and enable comparative studies under the 351(k) pathway. CEO Marc Forth stated the capital will sustain operations through 2025, with plans for a regulatory meeting to discuss next steps.

The deal, led by Aegis Capital, includes a 45-day option for additional securities. Closing is expected January 7, subject to standard conditions, with proceeds allocated for corporate needs and working capital.

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AEON has a 52-week high of $17.17 and a 52-week low of $0.16.