Aldeyra Therapeutics (ALDX), which develops anti-inflammatory products, fell more than 14% in early trade on Tuesday after it said it priced an underwritten offering of 3.45 million of its own shares at $7.25 each, equal to a 20.3% discount relative to the stock’s closing price.

The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by Aldeyra, are expected to be about $25 million, it said on Tuesday.

Aldeyra granted the underwriters a 30-day option to purchase up to 517,500 additional shares of common stock at the public offering price, less the underwriting discounts and commissions.

It plans to use the net proceeds from the offering for the continued development of Aldeyra’s lead compound ADX-102 and other product candidates, as well as for debt maintenance, working capital and other general corporate purposes.


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