EWING, N.J. -- Antares Pharma Inc. said Wednesday that it plans to sell 12.5 million shares of its stock for $4 per share, raising about $47 million after expenses.
Antares makes self-injectable drugs. The company said Tuesday that it was planning to sell more stock to fund development of Vibex Medi-Jet, a delivery system for the rheumatoid arthritis drug methotrexate, and Vibex QST, which is designed to deliver testosterone as a treatment for low testosterone levels. The underwriters of the sale will have the option to buy another 1.9 million shares to cover any overallotments.
The offering is priced at a 9 percent discount to Tuesday's closing price of $4.40. Shares of Antares fell 37 cents, or 8.4 percent, to $4.03 in afternoon trading Wednesday.
It has traded between $1.51 and $5.58 in the last 12 months.